Lamar Advertising (LAMR) PT Raised to $66 at FBR Capital; Q4 Shows Steady Progress

FBR Capital analyst William Bird reiterated an Outperform rating and boosted his price target on Lamar Advertising (NASDAQ: LAMR) to $66.00 (from $60.00) following Q4 results.

Bird commented, "Conference call comments were constructive, with the forecast for 2.5%–3.0% growth in national a highlight after three straight down quarters. Achieving the high end of AFFO guidance of $4.34–$4.45 is predicated on 3% revenue growth and 2% expense growth, which management believes is achievable given where the business currently stands. We tweak our 2015 AFFO estimate to $4.43 (previous $4.51) and our adjusted EBITDA to $580M (previous $585M). We maintain our Outperform rating and raise our price target to $66 from $60, as we believe LAMR’s valuation will converge with lodging REIT peers, and we believe LAMR offers a high (4.7% dividend yield) and growing distribution."

For an analyst ratings summary and ratings history on Lamar Advertising click here. For more ratings news on Lamar Advertising click here.

Shares of Lamar Advertising closed at $58.36 yesterday.

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