UPDATE: Morgan Stanley Raises PT to $48 on Lamar Advertising on Stable Fundamentals
Morgan Stanley reiterated its Overweight rating on Lamar Advertising (NASDAQ: LAMR) and raised its price target from $46 to $48.
Morgan Stanley said, "Fundamentals appear stable, with perhaps some signs of improvement. Pricing remains flat as focus remains on driving occupancy rates higher in ‘13. Local advertising revenues were up ~3% while national was up ~2%, continuing a theme over the last several quarters. Telco remains a drag on national specifically, down 25% in 3Q12, however these declines began in 1Q12 so the compares should ease. We note Telco ad spend has been weak across the Outdoor industry and overall media this year, down 10-15% and 3-5%, resp."
Lamar Advertising closed at $49.75 on Friday.
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