UPDATE: The Benchmark Company Raises PT to $25 on Lamar Advertising

A report from The Benchmark Company reiterates its Hold rating and raises its price target from $18 to $25 on Lamar Advertising (NASDAQ: LAMR).

The report states, “Lamar… reported better than expected 3Q11 results, with net revenue of $297 million, up 4% y/y, exceeding consensus at $292 million. EBITDA was up 4% y/y to $133 million as costs were flat as a percentage of revenues. EPS of $0.04 was below consensus at $0.07 due to higher D&A stemming from the digital billboard rollout and a 69% tax rate."

LAMR closed yesterday at $26.07.