TD Cowen analyst Lance Vitanza raised the firm’s price target on Clear Channel Outdoor (CCO) to $2.80 from $2.50 and keeps a Buy rating on the shares. The firm noted recent unsubstantiated reports that Abu Dhabi’s sovereign wealth fund is working toward a potential acquisition of Clear Channel which appears credible, in Cowen’s opinion. In addition, favorable operating momentum suggests manageable downside risk.
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