Analyst Patrick Sholl of Barrington reiterated a Buy rating on Outfront Media, boosting the price target to $23.00.
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Patrick Sholl has given his Buy rating due to a combination of factors that highlight Outfront Media’s strong performance and growth potential. The company’s fourth-quarter trends indicate a promising end to the year, with expected revenue growth despite challenges from the loss of the MTA contract and ongoing issues with the LA contract. The transit segment, in particular, has shown significant improvement, with digital transformation driving revenue growth and enhancing profitability.
Additionally, Outfront Media’s third-quarter results exceeded expectations, with total revenues and EBITDA surpassing estimates, and AFFO also coming in higher than anticipated. The reaffirmation of an OUTPERFORM investment rating and an increased price target to $23 reflect confidence in the company’s ability to leverage its digital investments and capitalize on the strong audience characteristics of the OOH industry. The attractive dividend yield of 5.9% further supports the Buy rating, making it an appealing option for investors seeking both growth and income.
In another report released today, TD Cowen also upgraded the stock to a Buy with a $24.00 price target.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OUT in relation to earlier this year.