Clear Channel reports Q2 consolidated revenue $781.2M consensus $765.53M Reports Q2 OIBDAN1 was down 3%, or $6M, to $197M. Reports consolidated EBITDA was $763M for the preceding twelve months ended June 30, down 4% compared to the same period of 2013. Q2 consolidated net income attributable to the Company was $51M compared to consolidated net income attributable to the company of $9M in the same period of 2013.
Clear Channel Outdoor upgraded to Outperform from Market Perform at Wells Fargo Wells Fargo upgraded Clear Channel Outdoor to Outperform after press reports suggested JC Decaux may be interested in purchasing the company's European assets. Wells sees a "tremendous amount of optionality" should CCO sell its European assets, including a potential conversion into a REIT, or real estate investment trust. Wells raised its price target range for CCO shares to $10-$15 from $6-$8. Shares of the billboard operator closed yesterday down 13c to $8.29.