Lamar Advertising price target lowered to $145 from $150 at TD Cowen

TD Cowen lowered the firm’s price target on Lamar Advertising (LAMR) to $145 from $150 and keeps a Buy rating on the shares. The firm notes Lamar reported results below Q1 expectations on softer-than-expected national sales. Liquidity remains robust, supporting an active M&A pipeline and digital conversions, TD says. While OOH has held up in past downturns, rising macro and tariff risks lead the firm to trim its estimates across the board, with risk to its FY25 AFFO estimate skewing to the downside.