UPDATE: Bank of America Merrill Lynch Raises PO on Lamar Advertising to $22.50
Bank of America Merrill Lynch is out with its report today on Lamar Advertising (NASDAQ: LAMR), raising its PO to $22.50.
In its report, Bank of America Merrill Lynch writes, "In light of our estimate increase we have raised our PO to $22.50 which is supported by DCF and implies a target EV/EBITDA multiple of 7.5x (2012E). Given the strong share price reaction to the results (+24%), we believe much of the near term upside is reflected in current valuation."
At the time of posting, shares of LAMR were trading at $25.25, down 3.14% from Thursday's close.
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