Is Lamar Advertising Company (LAMR) One of Goldman Sachs' Top REIT Stock Picks?

Lamar Advertising Company (NASDAQ:LAMR) is one of Goldman Sachs’ top REIT stock picks. On February 2, Lamar Advertising Company (NASDAQ:LAMR) affirmed the acquisition of Cleveland Outdoor Advertising assets for cash. With the acquisition, the company adds 31 high-profile bulletin faces and 40 junior bulletin faces to its Cleveland portfolio.

Founded 47 years ago by Debra Abdalian-Thompson and Stephen Thompson, Cleveland Outdoor Advertising has grown to include numerous premium locations in the Cleveland area. The acquisitions are poised to strengthen the company’s competitive advantage in the outdoor advertising industry.

“We are deeply grateful to everyone who believed in us, worked alongside us, and contributed to our success,” said Abdalian-Thompson. “I have long admired Lamar and the Reilly family, and I can’t think of a better company to carry COA’s legacy forward.”

Earlier, on December 18, Morgan Stanley raised its price target on Lamar Advertising to $140 from $135 and maintained an Equal Weight rating, as part of the firm’s U.S. advertising year-ahead outlook.

Lamar Advertising Company (NASDAQ:LAMR) operates as a Real Estate Investment Trust (REIT) specializing in out-of-home (OOH) advertising/ It leases land from over 60,000 partners to place billboards, maintains a massive network of digital displays, and handles site acquisition, zoning, and permitting for advertising structures.

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