Morgan Stanley Maintains Lamar Advertising Rating

In a report released this morning, Morgan Stanley said that it remains Equal-weight on shares of Lamar Advertising LAMR. “Our $38 YE11 target implies 11x fwd EBITDA, roughly in-line with current levels and the historic premium relative to Media peers,” Morgan Stanley writes. “We remain focused on the pace of recovery in local markets, where 4Q pacings were encouraging (+4% in 4Q vs flat YTD).” Lamar Advertising currently trades at $33.77.