Lamar Advertising gains as MS upgrades on ad recovery trends

Lamar Advertising

02/11/2020 15:23

** Shares of outdoor advertising firm  LAMR.O  up 2.94% at
$63.79 in early trading  
    ** Morgan Stanley upgrades rating to "overweight" from
"equal weight" and hikes PT by $4 to $81
    ** Says co well positioned to benefit from an improving U.S.
macro environment
    ** Says co is the only traditional media business with
audience growth, both during and beyond the COVID-19 pandemic
    ** Brokerage sees a V-shaped U.S. ad recovery and forecasts 
FY21 U.S. advertising spending to exceed FY19 levels
    ** MS also initiates coverage of LAMR peer Clear Channel
Outdoor Holdings Inc  CCO.N  with "equal weight" and PT of $1.1 
    ** One out of five brokerages covering the stock rate it
"buy" and four "hold"; their median PT is $70.5 - Refinitiv Data
    ** Including session's gains, stock is down 29% this year

 (Reporting by Amal S in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))