OUTFRONT Media upgraded on risk/reward outlook at Wells Fargo
As noted earlier, Wells Fargo upgraded OUTFRONT Media to Outperform from Market Perform. The firm says that the stock's risk/reward ratio is "very favorable." Wells says that there is "huge focus and even concern" about an NYC MTA contract in which OUTFRONT is the incumbent and has been bidding. Wells estimates that the stock would be worth $30 per share if the outcome of the bidding is highly favorable and $23 per share in a worst case scenario, versus yesterday's closing price of $23.16. It says that the company has a 90% chance of winning at least part of the deal, and it thinks that the removal of the NYC MTA overhang will be a significant positive catalyst for the stock no matter what the results are. Target to $27-$29 from $23.-$25.