UPDATE: Deutsche Bank Initiates Lamar Advertising at Buy on Possible REIT Conversion

Deutsche Bank initiated coverage on Lamar Advertising

with a Buy rating and a $45 price target. Deutsche Bank commented, "We initiate coverage on Lamar with a Buy rating and a $45 target (20% upside potential) based on a view that Lamar converts to a REIT. We expect Lamar's recent outperformance to continue as the current valuation does not appear to price in the full upside from conversion to a REIT, which we view as likely in 2014, including the digital displays business. While uncertainties remain regarding timing and qualification of income, we see attractive probability- weighted upside/downside risk." Lamar Advertising closed at $37.63 on Wednesday.