iHeartMedia price target lowered to $4.50 from $8 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on iHeartMedia to $4.50 from $8 given the continued softness and threat of further recession, while keeping an Equal Weight rating on the shares. While iHeartMedia is outperforming ad peers, the market is weak and the threat of a deeper recession grows, the firm notes. Wells believes high leverage renders iHeartMedia risky until recovery is in sight.