IHeartMedia stock surges into record territory after double upgrade at BofA
Shares of iHeartMedia Inc. were pumped up 8.8% into record territory in midday trading Tuesday, after BofA Securities analyst Jessica Reif Ehrlich swung to bullish from bearish on the media and entertainment services company, citing expectations that advertising trends "will come roaring back" over the next several months. The stock, which was trading above its March 17 record close of $18.97, has sored 46.6% year to date, while the S&P 500 has gained 10.0%. Ehrlich doubled upgraded the stock to buy from underperform, and nearly tripled her price target to $26 from $10. Among other reasons for her newfound bullishness, she said as digital growth remains "robust," there are "attractive opportunities" for the company to monetize its portfolio of digital assets. And after emerging from bankruptcy in May 2019, the company has "manageable debt maturities with significant capacity to de-lever the business, facilitating a highly favorable capital structure shift in favor of equity."
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