iHeartMedia price target lowered to $13 from $16 at B. Riley

B. Riley analyst Daniel Day lowered the firm’s price target on iHeartMedia to $13 from $16 and keeps a Buy rating on the shares. The firm is tweaking its assumed multiples in its sum-of-the-parts valuation model after the company reported Q1 results in line with guidance on revenue and slightly above EBITDA. However, with the stock again moving lower post-earnings the firm highlight the opportunity it sees for shares to "more than double" on next twelve months deleveraging alone, adding that its conviction that risk/reward is "highly skewed to the upside has only increased following the 1Q release."