The Chairman/CEO and COO/CFO for the nation’s No. 1 audio content company, iHeartMedia, are confirmed participants for the upcoming Bank of America Securities 2020 Media, Communications & Entertainment Conference.
The presence of Bob Pittman and Rich Bressler at the event comes in a period of relative stability for iHeart stock, which is very much in the range of where Wall Street analysts believe it should be.
Pittman and Bressler will participate in a Q&A session at the BofA Securities affair — a major institutional investor event — at 11:40am Eastern on Sept. 10.
The session is available for all to see, as a live webcast to the public is being made available on the iHeartMedia investor website.
The pitch to investors will likely focus on iHeart’s stability and stable of household names in the radio and podcasting world, from The Breakfast Club, Ryan Seacrest, Elvis Duran and Bobby Bones to its Premiere Networks stable of talk hosts and its iHeartRadio app.
Because of this strength against its peers in the audio content, delivery and production space, iHeart shares have found a “new normal” with values floating between the low-$8 and low-$9 range over the last year. On August 11, a $9.65 close was seen — the highest finish seen since June 25.
That’s good news, as a post-COVID high of $11.60 came June 8, before finishing to $6.65 on July 10.
And, iHeart is far from $4.79 closing price on April 6, its COVID-19 fueled low.
While March 2 saw a $15 close for IHRT, a 1-year target price of $10 is now in place for iHeart shares.
Thus, iHeart is in fine shape — in particular against radio industry competitor Beasley Media Group. Beasley shares of late have struggled to reverse a steady two-month drop in value that brought BBGI to an August 27 closing price of $1.59. On June 30, it was $2.43. Meanwhile, Beasley’s COVID-19 impacted low is $1.37, while on March 5 shares were $3.64.
