Beasley Broadcast downgraded to Neutral from Buy at Guggenheim

Guggenheim downgraded Beasley Broadcast to Neutral from Buy with a price target of $0.75, down from $1.50, after the company reported Q3 revenue of $60.1M, versus the firm’s $61.9M estimate, and station operating income of $10.0M, versus the firm’s $11.4M forecast. The firm’s 2023/24 average free cash flow per share estimate of 12c is down from 25c previously and it sees “persistent advertising headwinds into the foreseeable future,” the analyst tells investors.