Cumulus Media downgraded to Market Perform from Outperform at Noble Capital

Noble Capital downgraded Cumulus Media to Market Perform from Outperform and removed the firm’s prior $11 price target. The company met expectations in Q4, but Q1 is “off to a lackluster start,” says the analyst, who is adjusting the firm’s FY24 estimates. Near current levels, the shares trade at 6.8 times enterprise value to the firm’s revised 2024 adjusted EBITDA forecast, which is at the midpoint of its historic trading ranges and in line with its peers, notes the analyst, who adds that the firm will reevaluate its rating based on risk/reward factors should the advertising outlook and/or visibility improve.