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UPDATE: Morgan Stanley Raises PT to $48 on Lamar Advertising on Stable Fundamentals

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Benzinga's M&A Chatter for Thursday January 7, 2016:
Clear Channel Outdoor Confirms Sale Of Assets To Lamar Marketing, Notes It Received A 'Very Attractive Offer'

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.

Latest Ratings for LAMR

DateFirmActionFromTo
Dec 2015Topeka CapitalUpgradesHoldBuy
Aug 2015JP MorganMaintainsNeutral
Mar 2015Topeka CapitalDowngradesBuyHold

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