Asset sales boost Clear Channel profit; Deal still in limbo

Sanford C. Bernstein analyst Michael Nathanson has a price target of $27 on the stock, reflecting his estimate of the company's fair value assuming the buyout deal falls apart.

Outdoor advertising performed better than radio in the quarter, posting revenue gains of 12 percent -with help from foreign exchange fluctuations -versus a decline of 4 percent in radio.

The company said overall company revenues were on track to decline 2.7 percent in the second quarter and 1.2 percent for the year, as continued weakness in radio outweighs relative strength in outdoor advertising.

Given the pending transaction, Clear Channel didn't host a conference call to discuss the earnings with analysts.