UPDATE: UBS Investment Research Lowers PT to $7 on Clear Channel Outdoor Holdings; Q1 Miss

UBS Investment Research lowers its price target from $8 to $7 on Neutral-rated Clear Channel Outdoor Holdings (NYSE: CCO) on limited visibility following a Q1 miss.

UBS Investment Research comments, "CCO's comments today, along with LAMR's comments yesterday, confirm limited visibility across outdoor and lacklustre trends, at best. CCO witnessed deteriorating trends thru 1Q, which cont. into 2Q, similar to the sluggish start to 2Q seen across most other local media – we question how conservative LAMR's 2Q guidance was, or whether they witnessed the same seq. slowdown in Apr. NFIB out on Tues."

CCO closed at $6.98 on Friday.