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Wells Fargo considers ad-recession woes for radio, out-of-home names


Canan turan/iStock via Getty Images

Wells Fargo has reset its views around Advertising Services stocks, in three spaces (ad agencies, radio names, and out-of-home advertisers), as it braces for the "ad recession."

That's looking more and more likely alongside

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Comments (13)

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Northern Reflections on Value profile picture
Radio revenues down 10% relative to what? 2021 levels coming out of the pandemic?

I wonder how much analytical effort actually went into determining that AUD would go to zero. They have investments and expenses that they can cut back on. They’ll roll over their debt –– a more realistic scenario is that refinancing will come at a higher risk premium.

This might nevertheless cause a lot of grief for the company — but I’d expect that they could continue hobbling along for a while. Of course, I’ve been wrong before.
rjm22 profile picture
Guggenheim Maintains Buy on Audacy, Lowers Price Target to $2

BENZINGA 7:50 AM ET 7/15/2022
Wells Fargo hire Crystal Ball readers because they fit very well with their research.
AUD is now being priced for a high bankruptcy risk. I believe it avoids bankruptcy and if so, it will be at least a triple over the next few years.
rjm22 profile picture
@crans48334 The wells fargo guy downgraded it and gave a price target of ZERO

It came from Benzinga which is some kind of crappy news aggregator that my broker shows the headlines for
dlvvlv profile picture
@rjm22 Do you have a link for the "going to zero" call by WF. I'd like to read the actual research report.
dlvvlv profile picture
@rjm22 For a reference:
Steven Cahall
Wells Fargo
Wall Street Analyst
Ranked #6,270 out of 7,924 Analysts on TipRanks
One Star out of Five in performance calls.

CCO may be a great opportunity to buy because it has been beaten to a level where it is almost been given away. CCO is a well managed company. It's Airport franchises in Europe and the USA are just recovering from the pandemic therefore earnings should do better than in previous quarters. CCO from current price should be an easy double.
Rye147 profile picture
@ted lujan Not to mention that CCO signed a 12-year deal with JFK, LaGuardia, and Newark.


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