iHeartMedia price target lowered to $2 from $3 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on iHeartMedia to $2 from $3 and keeps an Underweight rating on the shares. The analyst sees advertising spending growth accelerating in 2024 as retail and commerce media builds, connected TV sees new entrants, technology vertical spending rebounds, and and cyclical factors like politics and Olympics contribute. This would suggest a decoupling of advertising growth and GDP growth, the analyst tells investors in a research note. The firm sees remain cautious on iHeartMedia where it sees structural advertising pressures.