Wells Fargo Says Go, Go, Go to Clear Channel —Others Say, No, No, No!

By OOH TODAY believes all voices, not just the loudest, must be heard Last updated Dec 21, 2023

Wells Fargo upgraded Clear Channel Outdoor stock rating to Overweight from Equal-weight yesterday causing the stock to rise 8% pre-market before settling at a 7% rise at $1.80 per share. Analysts believe CCO’s activity in LA and SF which has been hurting, is soon to recover via growth in revenues. We have received reports from our unnamed sources that the other major player of the Big 3 in the LA and SF markets is struggling as well with weak first quarter projections.

So is 2024 going to be a banner year for OOH and CCO after a woeful last 3 years? (Thank you Mr. Covid) Will television’s decline, the continued growth of DOOH and the long awaited and much anticipated but yet to appear, substantive success of programmatic finally lift CCO and the Industry to our glory days of the past with 4 and 5% increase? Wells Fargo seems to think so. But, not so fast my friend. Alas, according to Seeking Alpha, Alpha’s Quant Rating system (which consistently beats the market) and the average Wall Street analysts say, ‘No’, each placing a HOLD rating on CCO.

Read what Seeking Alpha News Editor, Ravikash, has to say here → Clear Channel surges after Wells Fargo upgrades on growth prospects