Barrington downgraded Clear Channel Outdoor (CCO) to Market Perform from Outperform without a price target ahead of the Q1 report. The firm likes Clear Channel’s positioning in a “very attractive market segment,” but says the company’s financial leverage “must be acknowledged as a risk factor, and the uncertain economic environment as a compounding factor.” Clear Channel still has substantial debt to work down ahead of a change to a potentially more tax efficient structure, the analyst tells investors in a research note.
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