It’s long-term outlook looks good. But, the next nine months aren’t so rosy for Cumulus Media, say Wall Street analysts.
Yet, as soon as Jessica Rosenworcel scored the approval of Congress and officially took the role as Chairwoman of the FCC, Cumulus shares went from sour to sweet on Wall Street.
Almost as if on cue, CMLS reversed its downward activity seen at the Opening Bell and propelled forward, reaching $12.42 at the close of Tuesday’s trading.
That’s a 5% gain from Monday, and puts Cumulus back on track to get a bit closer to its year-to-date high of $14.75, seen in late June. Meanwhile, CMLS has clawed back from a $9.89 finish seen on September 20.
CMLS bears a 1-year target price of $23.67. To say that is a bit aggressive is an understatement. In the past five years, $20.90 is the highest Cumulus shares have ever been. And, that closing price was seen in August 2018, just days after the company emerged from Chapter 11 reorganization and began trading as CMLS on Nasdaq.