Clear Channel Outdoor Holdings shares are trading higher after the company reaffirmed its Q4 and FY23 guidance. Additionally, Wells Fargo upgraded the stock from Equal-Weight to Overweight and raised its price target from $1.5 to $2.75.
Portfolio Pulse from Benzinga Newsdesk
Clear Channel Outdoor Holdings (CCO) shares have risen following the company's reaffirmation of its Q4 and FY23 guidance. Wells Fargo has also upgraded CCO from Equal-Weight to Overweight and increased the price target from $1.5 to $2.75.
December 20, 2023 | 4:10 pm
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POSITIVE IMPACT
Clear Channel Outdoor Holdings' stock is experiencing an uptick after reaffirming financial guidance and receiving an upgrade from Wells Fargo with a higher price target.
The reaffirmation of guidance suggests stability and potential growth, which is typically viewed positively by investors. The upgrade by Wells Fargo, a major financial institution, along with a significant increase in the price target, is likely to instill confidence among investors and could lead to a short-term increase in the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100