What is Clear Channel Really Worth?

3/28 - "Who still thinks Clear Channel Communications is worth its buyout price of $39.20 a share?

Not investors, who have driven the shares down to around $28 this week based on fears of the buyout’s collapse. And not analysts, who increasingly value the company at between $25 to $27 a share. In the days prior to Clear Channel’s announcing its intentions to sell itself, the company was trading in the $30 to $31 per-share range.

Earlier this week, BMO Capital Markets pinpointed a value for Clear Channel in the $25-$27 range. Citigroup analysts put their price target at around $24 to $26. And a Sanford C. Bernstein research report yesterday estimated Clear Channel would be worth only $27 a share if Thomas H. Lee and Bain Capital fail in their proposed buyout of the company — down from the analyst’s previous target of $37 a share."