UPDATE: Benchmark Lowers PT on Lamar Advertising to $18

Benchmark is out with its report today on Lamar Advertising (NASDAQ: LAMR), lowering its PT to $18.

In its report, Benchmark writes, "Lamar trades at 8x our 2012E EBITDA of $484 million, a premium to other traditional media stocks that trade at an average of 7x EBITDA, including Outdoor comparable Clear Channel Outdoor (NYSE: CCO), which trades at 7x. Our price target of $18 is based on 8x 2012E EBITDA."

Benchmark maintains Hold on LAMR.

Shares of LAMR closed Tuesday at $20.75, down 7.74% from Monday's close.