Clear Channel Outdoor Holdings Inc. (CCO:US) advanced to an eight-month high after CBS Corp. (CBS:US) said it will convert its outdoor advertising division into a real estate investment trust and seek a buyer for the European and Asian parts of the division.
Clear Channel Outdoor, a San Antonio-based company that operates more than 750,000 displays worldwide, gained 6.8 percent, trailing CBS’s 7.9 percent gain. Lamar Advertising Co. (LAMR:US), another competitor in outdoor advertising, rose 2.3 percent.
The shares rose 48 cents to $7.54, the highest closing price since April 30, at 4:15 p.m. in New York. Volume was 1.18 million shares, five times the 100-day average of 228,000. Clear Channel Outdoor is a subsidiary of CC Media Holdings Inc., which also owns Clear Channel Communications Inc.
Clear Channel Outdoor has one buy, five hold and four sell ratings from analysts (CCO:US). The 12-month target price for the shares is $5.25.
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