Morgan Stanley reiterates its Equal-weight rating on Lamar Advertising LAMR and reduces its price target to $31.
Morgan Stanley says, "Within our coverage group, LAMR is the most levered equity to the U.S. economy. However, we do not view it as a secular loser in local advertising. We are below consensus for '13 and given our Economics team's view of downside risk to GDP, we are lowering our PT to $31, bear case value to $19."
LAMR closed at $25.71 a share yesterday.
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