Clear Channel Outdoor price target raised to $1.75 from $1.50 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Clear Channel Outdoor (CCO) to $1.75 from $1.50 and keeps an Equal Weight rating on the shares following the investor day. The firm says the company’s long-term 4%-5% annual revenue growth outlook reflects a bullish view on the out-of-home space, with local and national advertising share gaining share versus traditional media advertising. However, Clear Channel’s “high” leverage levels and local advertising market caution in the near-term keep Morgan Stanley cautious on the shares.