Fly News Breaks for March 6, 2015
LAMR, CCO, OUT
Mar 6, 2015 | 06:26 EDT
Citigroup views a sale of Clear Channel Outdoor's (CCO) U.S. arm as the most likely option after the company splits its domestic and international units. Citi believes the purchase of Clear Channel Outdoor's U.S. business would be accretive to both Lamar Advertising (LAMR) and Outfront Media (OUT). Due to leverage, Citi estimates Lamar's stock would rise by about 7%-8% while Outfront shares would jump 11%-16% under an acquisition scenario. The firm believes Outfront is the most likely buyer of the assets and upped its price target for shares to $33.50 from $30 while keeping a Buy rating on the name. It keeps a Neutral rating on Lamar.
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