JPMorgan upgrades iHeartMedia, says stock can rally nearly 30% from here

The iHeartMedia application is displayed for a photograph on an Apple iPhone in Washington, D.C., March 1, 2018.
Andrew Harrer | Bloomberg | Getty Images

A bet on podcasting is paying off for iHeartMedia, JPMorgan said in a note to clients Monday.

Shares of the audio content company surged 14% on Friday after iHeart's first-quarter results were stronger than expected, with podcast revenue up 142% year over year.

Analyst Sebastiano Petti responded by upgrading the stock to overweight from neutral, saying the company had several paths for growth in the quarters ahead.

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