Morgan Stanley Sees Good Things Ahead for Lamar Advertising Co. - Lamar Advertising (NASDAQ:LAMR)

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In a report published Friday, Morgan Stanley analyst Benjamin Swinburne reiterated an Overweight rating and $59.00 price target on

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Lamar Advertising Co.

(NASDAQ: LAMR).In the report, Morgan Stanley noted, “Are we there yet? With an IRS go-ahead regarding its REIT status ‘any day now', we look past that event to an equity offering double-digit FCF growth annually, and a likely dividend yield of 4%. Ultimately, to reach our bull case, top-line growth must recover to the 4%+ levels seen pre-'08 crisis.”Lamar Advertising Co. closed on Thursday at $51.62.