2024-07-11 09:21:55 ET
- Citi on Thursday downgraded Lamar Advertising ( NASDAQ: LAMR ) to "Neutral" from "Buy," and maintained their price target of $122.
- Analysts at Citi say LAMR shares are trading "near all-time highs" and are still valued at a premium relative to its closet peer, Outfront ( OUT ).
- Citi claims there could be more upside to the company's shares if it could complete "incremental M&A," but, however, it believes the upside is limited.
- Three out of four Wall Street analysts have rated LAMR a "Hold" and one "Buy." Seeking Alpha analysts and Quant ratings have given the stock a "Buy" rating.
- LAMR is up 10.6% so far this year as of Wednesday's close, while the benchmark S&P index is up 18.1% YTD.
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Citi cuts Lamar Advertising to neutral on limited share upside