Townsquare Media price target lowered to $13 from $15 at Barrington

Barrington lowered the firm’s price target on Townsquare Media (TSQ) to $13 from $15 and keeps an Outperform rating on the shares following the earnings report. The firm’s sum of the parts approach assigns a more conservative multiple to Townsquare’s traditional radio assets, while taking a “more aggressive stance” on the broadly defined digital contributions from its web services and Townsquare Ignite’s digital advertising offering.