Todd Spangler NY Digital EditorShares of radio and podcast giant iHeartMedia kicked up to all-time highs Tuesday, fueled by an about-face by a formerly bearish analyst who now forecasts an advertising resurgence for the company.On Tuesday, iHeartMedia’s stock closed at $19.79 per share, up +13.2% for the day.
That came after BofA Securities analyst Jessica Reif Ehrlich issued a report upping her rating on iHeartMedia from “underperform” to “buy” and raised the 12-month price target on the stock to $26/share.Advertising will “come roaring back over the next several months,” Ehrlich wrote in a research note, predicting that iHeartMedia’s adjusted earnings will return to 2019 levels by year end.iHeartMedia stands to benefit from a return to.
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