Lamar Advertising downgraded to Neutral at Citi after recent appreciation

As previously reported, Citi downgraded Lamar Advertising to Neutral from Buy with a price target of $160, up from $145. While the firm continues to expect Lamar to beat the high end of its 2026 AFFO guidance, it no longer find the risk-reward attractive given recent appreciation in the share price, the analyst tells investors. The firm's bull case suggests limited upside and its bear case suggests downside, the analyst added.