Wells Fargo maintained an Outperform rating on Lamar Advertising (NASDAQ: LAMR) and raised its price target to $59-$63 (from $57-$61).

Analyst Marci Ryvicker said, "Q1 results were just fine, with rev. coming in at the high end of guidance and EBITDA just above our est. Investors seemed concerned about the Q2 PF rev. guide which was not too far off from expectations, at +1-2%. What we learned on the call is that June is the culprit (specifically national) while April and May are pacing up nicely. Outside of June, we heard a lot of positives that give us comfort that the initial AFFO estimate is conservative."

"We updated our model to reflect today’s results and guidance in addition to the 4/23 8-K, which provided FY REIT metrics (dividend and AFFO specifically). At this point, our 2014/2015 ests. move to $1.29B/$1.32B rev., $566MM/$582MM EBITDA, $1.02/$1.44 EPS and $4.10/$4.51 AFFO/sh vs. our prior ests of $1.30B/$1.34B rev., $573MM/$592MM EBITDA, $0.83/$1.51 EPS and $4.39/$4.77 AFFO/sh. We are also rolling our val forward, using a 13-14x multiple on our ‘15E AFFO of $4.51 yields a val range of $59-63, up from $57-61," she added.

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Shares of Lamar Advertising closed at $49.12 yesterday.