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UBS Maintains a 'Neutral' on Lamar Advertising (LAMR); Shares Still Relatively Expensive

May 4, 2012 2:39 PM EDT Send to a Friend
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Price: $50.30 -0.34%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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UBS maintains a 'Neutral' on Lamar Advertising (NASDAQ: LAMR) price target lowered $1 to $31.

Analyst, Jaime Morris, said, "LAMR reported 1Q rev/ EBITDA ahead of exp. at $266M/ $100M, vs. our $265M/ $97M. PF revenue growth of 4.1% was better than our 3.5%/ co. guide of 3%. Mgmt guided to 3% PF rev growth in 2Q although we think this will prove conservative, based on our recent survey data and local market checks. We are leaving our 2Q 3.7% est. unch. We maintain our Neutral rating as we think LAMR shares, at 8.7x ‘13E EBITDA, are still relatively expensive, in light of reduced earnings visibility and slower top and bottom line growth (relative to history and other media peers)."

UBS raises FY12 EPS estimate from $0.29 to $0.41 and FY13 from $0.51 to $0.62.

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 $28.90 yesterday.




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