iHeartMedia's stock sank toward a record low after BofA turned bearish, citing concerns over debt levels and a lack of visibility.
Shares of iHeartMedia Inc. weren’t getting much love on Wall Street Tuesday, sinking toward a record low after BofA Securities analyst Jessica Reif Ehrlich turned bearish, citing concerns over high levels of debt and a slowing economy.
The stock IHRT tumbled 13.3% in afternoon trading and is poised to end the session below its previous record-low close of $4 on Friday. The company had $341.7 million in interest expenses in 2022, up from $332.4 million a year ago, while free cash flow was $259.1 million last year, up from $147.2 million in 2021, and net losses widened to $264.7 million from $159.2 million.
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