10:35 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $8 to $118 on a forward P/E of 23.0x our 2024 EPS estimate, a discount to LAMR's 10-year average multiple (25.5x) on weaker national advertising. We keep our 2024 EPS estimate at $5.11 and raise 2025's by $0.41 to $5.71. LAMR reported Q1 2024 EPS of $0.76 vs. $0.74, a $0.03 consensus miss. Revenue rose 6% Y/Y (5% acquisition adjusted) as local market advertising continued to drive results (+7% Y/Y, 82% of revenue), partially offset by national falling (6% Y/Y, 18%). The strongest categories were service (+15%), amusement and attractions (11%), and buildings and construction (33%), partially offset by health care and insurance. We think LAMR remains well positioned to take advantage of a robust political advertising environment in 2024, while resilient economic growth leads to strong local results. LAMR plans to continue using excess capital to pay down debt rather than focus on acquisitions in 2024, with leverage of 3.1x remaining near the lowest levels in company history.