Noble Capital Lowers Townsquare Media Price Target Amid Q3 Earnings Disappointment

Noble Capital cut its price target on Townsquare Media (TSQ) to $15 from $21 and maintained an Outperform rating. The firm adjusted its outlook after the company's Q3 results and updated guidance for Q4, leading to lower expectations for 2026. TSQ reported $106.8 million in revenue, a decline of almost 8% from a year earlier, with digital net revenue rising 2.1% YoY. For Q4, the company expects net revenue between $105 million and $109 million and projected Adjusted EBITDA ranging from $21.5 million to $23.5 million.