National Advertising DeclineNational advertisements have been declining in six out of the last seven quarters, raising concerns about potential structural issues.
Revenue And Cost ChallengesLamar's weaker-than-expected AFFO guide is largely a function of a weak revenue outlook combined with an elevated near-term cost structure.
Stock Valuation ConcernsThe company's trading is at the higher end of its historical valuation range, suggesting that revisions in estimates are necessary to maintain value.