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iHeartMedia (IHRT) Moves 11.1% Higher: Will This Strength Last?
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iHeartMedia (IHRT - Free Report) shares ended the last trading session 11.1% higher at $18.75. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11% gain over the past four weeks.
The increase in share price can be attributed to an optimistic note from J.P. Morgan analyst Sebastiano Petti. Markedly, the J.P. Morgan analyst upgraded iHeartMedia from Underperform to Neutral and raised price target from $13 to $17.
iHeartMedia is expected to benefit from its growing digital business. The company has evolved as a dominant provider of podcasts that have attracted solid consumer interest during the coronavirus-induced lockdowns and shelter-in-home wave. Moreover, continued growth in advertiser demand is expected to drive top-line prospects.
Price and Consensus
This radio company is expected to post quarterly loss of $0.53 per share in its upcoming report, which represents a year-over-year change of -296.3%. Revenues are expected to be $688 million, down 11.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For iHeartMedia, the consensus EPS estimate for the quarter has been revised 12.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on IHRT going forward to see if this recent jump can turn into more strength down the road.
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iHeartMedia (IHRT) Moves 11.1% Higher: Will This Strength Last?
iHeartMedia (IHRT - Free Report) shares ended the last trading session 11.1% higher at $18.75. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11% gain over the past four weeks.
The increase in share price can be attributed to an optimistic note from J.P. Morgan analyst Sebastiano Petti. Markedly, the J.P. Morgan analyst upgraded iHeartMedia from Underperform to Neutral and raised price target from $13 to $17.
iHeartMedia is expected to benefit from its growing digital business. The company has evolved as a dominant provider of podcasts that have attracted solid consumer interest during the coronavirus-induced lockdowns and shelter-in-home wave. Moreover, continued growth in advertiser demand is expected to drive top-line prospects.
Price and Consensus
This radio company is expected to post quarterly loss of $0.53 per share in its upcoming report, which represents a year-over-year change of -296.3%. Revenues are expected to be $688 million, down 11.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For iHeartMedia, the consensus EPS estimate for the quarter has been revised 12.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on IHRT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>