iHeartMedia price target raised to $4 from $1.25 at Goldman Sachs

Goldman Sachs analyst Stephen Laszczyk raised the firm’s price target on iHeartMedia (IHRT) to $4 from $1.25 and keeps a Neutral rating on the shares. iHeartMedia posted better than expected Q3 results that beat across revenue and adjusted EBITDA and the improved macro and advertising backdrop, the analyst tells investors in a research note. The firm’s increased target reflects an improved macro and advertising backdrop which reduces tail risk of a reset lower in terrestrial advertising revenues and increased visibility into costs efficiencies, Goldman says.