Benchmark Comments on Clear Channel Outdoor's Q4 10 Earnings (CCO)

Benchmark is out with its report today on Clear Channel Outdoor CCO, commenting on Q4 10 results. In a note to clients, Benchmark writes, "Clear Channel Outdoor reported 4Q10 revenue of $793 million, up 4%, just below consensus of $805 million, but OIBDAN of $207 million, up 33% y/y, exceeded consensus by $15 million. Higher GAAP taxes and higher other expenses offset lower D&A, leading to adjusted EPS of $0.04 excluding impairment charges, below consensus at $0.06. We expect Clear Channel's financials will improve into 2011 as the advertising recovery continues. Given Clear Channel's $2.5 billion in debt the company must focus on cost savings to help it manage its debt obligations, which carry high interest rates at over 9%." Benchmark maintains Hold and a $15 PT on CCO. At the time of posting, shares of CCO were trading at $14.50, down 2.16% from Monday's close.