Clear Channel Outdoor Holdings Inc. (CCO) advanced to an eight-month high after CBS Corp. (CBS) 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), 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. The 12-month target price for the shares is $5.25.
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