Zacks Investment Research downgraded shares of Lamar Advertising Co. (LAMR) from OUTPERFORM to NEUTRAL on December 02, 2013, with a target price of $52.00.
Lamar is one of the largest owners and operators of outdoor advertising structures in the U.S. Lamar reported strong third-quarter 2013 results with earnings per share increasing 46% year on year to $0.19, which also beat the Zacks Consensus Estimate by $0.01. Lamar has registered higher sales of advertising space with an increase in occupancy of its existing advertising displays and acquisition of newer ones. However, the company faces increased headwinds in the form of rising operating expenses and competitive pressures. We are changing our long-term recommendation for Lamar from Outperform to Neutral as we expect the stock to perform in line with the broader equity market.
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