TD Cowen raised the firm’s price target on Clear Channel Outdoor (CCO) to $2.50 from $1.60 and keeps a Buy rating on the shares. The firm said on the heels of its encouraging investor day, Clear Channel is facing renewed calls from shareholders to pursue a sale of the company. With favorable operating momentum, an improving interest rate and M&A environment, and the sale of its overseas assets essentially complete, the timing to launch a sale process has arguably never been better and could unlock substantial shareholder value.
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