Benchmark Cuts Price Target on Lamar Advertising (LAMR) Ahead of Earnings Following New Outlook

Benchmark is maintaining its Hold rating on shares of Lamar Advertising (NASDAQ: LAMR) and is lowering its price target from $24 to $18 on its new outlook.

The believes outdoor advertising growth has stalled following the quarterly report and guidance from Clear Channel Outdoor (NYSE: CCO). CCO noted pricing looks to be flat for the fourth quarter.

LAMR is expected to report its Q3 results tomorrow and the firm currently forecasts a 2.5 percent increase in revenue to over $293 million and EPS of $0.10.

Benchmark is lowering its 2011 estimates to a 2.6 percent growth in revenue to $1.12 billion resulting in EPS of $0.02. EBITDA is now expected to increase 2 percent to $475 million.

The firm is also lowering its 2012 estimates to a 2 percent growth for revenue and EBITDA, resulting in EPS of $0.03.

For more ratings news on Lamar Advertising click here and for the rating history of Lamar Advertising click here.

Shares of Lamar Advertising closed at $20.75 yesterday.

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