Benchmark Upgrades Lamar Advertising (LAMR) from Sell to Hold; Demand Showing Distinct Improvement
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Benchmark upgrades Lamar Advertising (Nasdaq: LAMR) from Sell to Hold. Price target increased from $20 to $30.
Benchmark analyst says, "We are raising our rating on Lamar (LAMR) to Hold on advertising demand and “daily contract activity showing distinct improvement.” Lamar’s 4Q guidance of revenue down only 7% indicates some recovery in outdoor advertising demand near term and potential for outdoor advertising revenue to return to positive growth in early 2010. Lamar has navigated gusting headwinds with sustainable cost-cutting measures that may help drive OIBDA growth as advertising demand recovers...We are raising our 2010 estimates, forecasting net revenue may grow by 7% y/y, reflecting a moderate rebound in advertising demand. OIBDA cash flow may grow by 10%, benefiting from sustainable cost cuts, leading to an EPS loss of $0.45...Lamar’s $2.7 billion in debt translates into 6x our 2009E OIBDA of $445 million. Capital spending will remain contained for an extended period so that free cash flow can be harnessed to retire debt...Given steadily improving advertising demand, it appears there is less risk of a meaningful correction in Lamar and Clear Channel Outdoor (NYSE: CCO) (Hold) stocks. A sustained advertising demand rebound may be needed to drive the outdoor stocks further."
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