J.P. Morgan Raises Price Target On Lamar Advertising (LAMR)

J.P. Morgan Chase & Co. raised the price target on Lamar Advertising Company LAMR to $43 from $38, as it believes the outdoor advertising market is strong. It rates shares at Overweight. In the research note, J.P. Morgan states, "Expect positive outlook from management with its Q3 report. While our 5% revenue growth projection doesn't suggest any dramatic outperformance to management's guidance for Q3 (guided to 4% revenue growth), we do believe it will reflect ongoing improvements in results on slightly more challenging comparisons. We also expect management to remain upbeat about the outlook and provide more details on planned investments in digital boards (which now account for less than 1% of total boards at 1,200), which should help boost the longer-term growth rate." Shares of LAMR gained $1.01 today to close at $31.48, a gain of 3%.