iHeartMedia price target lowered to $2.90 from $3.50 at BofA

BofA analyst Jessica Reif Ehrlich lowered the firm’s price target on iHeartMedia to $2.90 from $3.50 and keeps an Underperform rating on the shares. The firm believes the current macro environment, coupled with iHeartMedia’s capital structure and greater than $5B in debt, will weigh on shares in the near term, the analyst tells investors in a Q3 preview note.