Noble Capital raised the firm’s price target on Townsquare Media to $21 from $20 and keeps an Outperform rating on the shares. The company announced that it has repurchased and will retire 1.5 million of its shares from MSG National Properties for $9.76 per share, alleviating a large overhang for Townsquare shares, the analyst tells investors in a research note. The recent share repurchase illustrates that its board and management have confidence in its future revenue and cash flow growth, the firm argues.
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Read More on TSQ:
- Townsquare Media Executes Major Share Buyback Plan
- Townsquare Announces Repurchase of Just Under 10% of Outstanding Shares Reaffirms Q1’24 and FY’24 Guidance
- Townsquare Media raises quarterly dividend 5.3% to 19.75c per share
- Townsquare Announces Fourth Quarter and Full Year 2023 Results Announces Increase in Dividend
- Townsquare Media sees FY24 revenue $440M-$460M, consensus $465.2M
