UPDATE: Morgan Stanley Lowers PT to $31 on Lamar Advertising on Cyclical Risks

Morgan Stanley reiterates its Equal-weight rating on Lamar Advertising LAMR and reduces its price target to $31. Morgan Stanley says, "Within our coverage group, LAMR is the most levered equity to the U.S. economy. However, we do not view it as a secular loser in local advertising. We are below consensus for '13 and given our Economics team's view of downside risk to GDP, we are lowering our PT to $31, bear case value to $19." LAMR closed at $25.71 a share yesterday.