TD Cowen Reaffirms "Buy" on Lamar Advertising (LAMR) with $145 Price Target

Lamar Advertising Company (NASDAQ:LAMR) is one of Goldman Sachs’ top REIT stock picks. On July 8, TD Cowen reaffirmed its “Buy” rating on Lamar stock. The firm maintained a price target of $145.00 on the shares, an 18% upside from the market price at the time of the report. TD Cowen’s decision came shortly after Lamar closed the acquisition of Verde Outdoor.

Lamar’s acquisition of Verde Outdoor was a cashless transaction. The deal added over 1,500 billboard faces, including 80 digital displays, to Lamar’s portfolio across 10 states. The transaction was structured as the first-ever Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction in the billboard industry. TD Cowen noted that this structure allows Lamar to issue partnership units on a tax-deferred basis.

The firm also stated that the cashless nature of the transaction preserved Lamar’s financial capacity for additional merger and acquisition activity in the second half of 2025. TD Cowen highlighted that the Verde acquisition reinforced its thesis that fiscal year 2025 would be a “breakout year” for billboard acquisitions in the outdoor advertising sector.

Lamar Advertising Company (NASDAQ:LAMR) is one of the largest outdoor advertising REITs in North America. The company boasts over 360,000 displays across the U.S. and Canada. Headquartered in Baton Rouge, Louisiana, the company generates revenue by leasing billboards, transit, and logo signage to a diverse mix of advertisers.

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Disclosure: None. This article is originally published at Insider Monkey.