Goldman Sachs Upgrades Lamar Advertising (LAMR) to Conviction Buy, REIT Conversion to Drive Upside Move

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Goldman Sachs upgraded Lamar Advertising (NASDAQ: LAMR) from Neutral to Conviction Buy with a price target of $42.00 (from $34.00), suggesting 29 percent upside.

The firm sees a high probability of IRS REIT approval in Q113 given a recent IRS ruling that established a billboard REIT precedent.

"While the REIT conversion is not a certainty (due to digital displays), we find the risk-reward compelling with at least 29% upside if election is completed vs. 15%
downside if it falls through." The firm notes prior REIT conversions have outperformed
and may serve as a template. AMT/EQIX are up 75%/90% versus the S&P 500 up 30%/16%, since REIT conversion talk began

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 $32.66 yesterday, with a 52 week range of $16.49-$35.99.

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