Clear Channel downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Clear Channel Outdoor to Equal Weight from Overweight with a price target of $1.75, down from $2.75, following a change in analyst coverage. The firm thinks the company’s Europe-North segment is facing challenges to transact and says that without inorganic deleveraging, it is tough to see the shares rerating. The fear of worsening economic trends could further lengthen a potential transaction to divest the Europe-North segment, the analyst tells investors in a research note. Wells says this reduces rerating conviction for the shares.