Townsquare Media Inc. (NASDAQ: TSQ) has seen its quiet period come to an end. It looks as though the analysts from the underwriting syndicate have also given it a very positive bias for the report. In the final few days of July, Townsquare sold 8.333 million shares at $11.00 per share in its initial public offering.

We took a look under the hood of Townsquare Media. It offers media, entertainment and digital marketing services by owning and operating radio, digital and live event properties.

Townsquare Media reported its first quarterly earnings as a public company earlier this month. The company had actual revenues up 46.6% to $106.3 million in its past quarter, but pro forma revenues outside of acquisitions increased by 7.8%.

The analysts have so far given positive coverage, with severe upside in two of the calls and handsome upside in two other calls. There was one last call we are still awaiting from the underwriting group. Analyst calls were as follows:

• Bank of America Merrill Lynch started it with a Buy rating and $15.50 price target.
• Guggenheim started coverage with a Buy rating and $14 price target.
• Jefferies started it with a Buy rating and $17 price target.
• RBC Capital markets started coverage as Outperform with a $14 price target.
• We have yet to see the formal coverage from Macquarie.

Townsquare was indicated at $11.08 on Monday, after closing at $11.19 on Friday, and the post-IPO range since the end of July has been $9.93 to $11.20.

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