IHeartMedia down as JPM downgrades on lower operating leverage, macro challenges

iHeartMedia

09/05/2022 12:18

** Shares of U.S. radio and podcast co  IHRT.O  down 2.14%
premarket at $13.71 after J.P.Morgan downgrades the rating on
the stock to "neutral" from "overweight"
    ** Brokerage also cuts PT to $19 from $28 and cites
downgrade on weaker-than-expected Q1 results and Q2 EBITDA
forecast
    ** Says co's multi-platform strategy and mix of assets
should drive solid topline, however, believes its lower
operating leverage and potential macro challenges might weigh on
advertising demand, limiting visibility  
    ** Co on Thursday posted a wider-than-expected Q1 loss of 33
cents per shares vs est of 27 cents, however reported revenue of
$843.46 mln above analyst est of $839.42 mln  urn:newsml:reuters.com:*:nL5N2WY6F3
    ** Eight analysts covering iHeartMedia Inc, on avg. rate it
"Buy"; Median PT is $30 -Refinitiv Data
    ** Up to Friday's close, stock had fallen 33.4% YTD

 (Reporting by Amal S in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))