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iHEART STOCK SOARS

After-hours trading on Tuesday pushed iHeartMedia’s stock to more than $20 a share for the first time in the radio behemoth’s history.

The stock spiked more than 13% to close at $19.79 after BofA Securities media analyst Jessica Reif Ehrlich moved the company to "buy" from "underperform." The new price target over the next 12 months is $26.

Ehrlich’s bullish prediction rests on iHeart’s ability to get ad spending back to 2019 levels in the next quarter. Drive-time radio listening, meanwhile, has doubled over last year and iHeart’s podcasts continue to pump up its digital revenue growth. The return of live entertainment will also bolster the bottom line.

iHeartMedia was trading at $19.77 when the bell rang Wednesday morning.

NEAR TRUTHS:
DEVELOPING STORIES
The kids are almighty. (8/3a)
LEADING OFF:
RON’S BIG RUN
Not your father's Columbia (8/3a)
ON THE COVER
Happier days are here again. (8/3a)
AN AUGUST HITS LIST
Look at the guns on these giants. (8/3a)
GRAMMY CHEW: SEEING BIEBER
It's high time for Justice in the Academy. (8/3a)
NEW & DEVELOPING ARTISTS
From tender shoots to mighty oaks.
MARKETSHARE MANIA
Let's do the numbers.
DELTA VARIANT
It is not the name of a Henry Miller novel.
IS IT TIME FOR ANOTHER ROCK STORY?
Could be. Dunno.
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