- Outfront Media (NYSE:OUT) is off 5.3% after Morgan Stanley downgraded to Equal Weight, from Overweight, and took an ax to its price target.
- And Lamar Advertising (NASDAQ:LAMR) is 2.9% lower after the firm lowers its price target as well.
- That's due to the widely discussed ad market collapse, analyst Benjamin Swinburne writes. Outfront faces at least two quarters of "deteriorating" top-line, margin pressure and rising debt leverage, he says.
- He's cut his price target on Outfront to $13 from $35 (vs. current $12.61), and cut the target on Lamar to $52 from $94 (vs. a current $51.05).
- But both stocks would be worth owning in the "early stages of a recovery," he says.