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

, 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.