Analyst Lance Vitanza from TD Cowen maintained a Hold rating on Outfront Media (OUT – Research Report) and decreased the price target to $18.00 from $20.00.
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Lance Vitanza’s rating is based on a combination of factors affecting Outfront Media’s performance. Despite the better-than-expected growth in digital and programmatic sectors, the company faces challenges due to contract losses in New York.
Additionally, the impending exit from the Los Angeles contract and the uncertain macroeconomic environment have prompted a reduction in the company’s financial estimates for the second quarter and the second half of the year. Consequently, the price target has been adjusted to $18, reflecting a lower forecast for the fiscal year 2025 Adjusted OIBDA, while maintaining the same valuation multiple.