TD upgrades Outfront Media to Buy on MTA contract inflection

TD Cowen upgraded Outfront Media (OUT) to Buy from Hold with a price target of $24, up from $18. The firm says the company’s contract with the New York Metropolitan Transportation Authority “appears to have inflected,” which creates a sustainable driver of profitability. The turnaround removes a key overhang on the shares and strengthens Outfront’s outlook, the analyst tells investors in a research note. TD upped estimates to reflect higher transit contribution and upgraded Outfront as it sees 25% total return potential.