Wells Fargo Maintains Outperform on Lamar Advertising (LAMR)

June 7, 2013 11:30 AM EDT
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Price: $72.35 +0.67%

Rating Summary:
    7 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo today maintained an Outperform on Lamar Advertising (NASDAQ: LAMR). Shares traded lower on Friday due to concerns about IRS treatment of REIT conversion. The IRS has formed a working group and is evaluating the topic.

Commenting, analyst Marci Ryvicker said, "THERE was NO DISCUSSION of an ADVERSE NOTICE regarding its Private Letter Ruling (PLR). ALSO, the press release states, 'Based on its discussions with the IRS, the Company has no reason to conclude that it will not be in a position to complete the previously announced plan to convert to a REIT effective January 1, 2014.'"

"Given that the IRS' working group 'timetable' is still unknown, it is still hard to say whether or not REIT conversion will be delayed beyond 2014. BUT we are comforted by the fact that a) LAMR DID NOT receive an adverse notice, and b) the company reiterated its January 1, 2014, conversion target in this morning's filing," said Ryvicker.

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 $45.54 yesterday.

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