Piper Jaffray Comments On CCO's "Solid 4Q10 Results"

Clear Channel Outdoor CCO reported solid 4Q10 results with revenue and OIBDAN of $793M/$208M “versus our estimates of $813M/$193M,” Piper Jaffray reports. “Revenues improved 3.9% (5% ex FX) and OIBDAN growth was an impressive 33%,” Piper Jaffray writes. “Management was upbeat on the call, noting global ad market improvements and strength across multiple product lines and key international markets, driven by expanded reach, improvements in occupancy and rates across many markets, and digital expansion. “While we are impressed with the continued turnaround at Clear Channel Outdoor as improved top-line performance and a more efficient infrastructure once again led to improved operating leverage, we are increasing our price target to $15 from $12 but maintain our Neutral rating based on valuation and limited longer-term visibility.” Clear Channel Outdoor closed Monday at $14.82.