Outfront Media downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Richard Choe downgraded Outfront Media to Neutral from Overweight with a price target of $14, down from $20. The company is seeing solid Billboard performance, but growth has not accelerated at the pace the firm expected and there is now the potential for a weaker second half of 2023, the analyst tells investors in a research note. While Outfront’s Q2 results were in-line with modest expectations, the guidance for the rest of the year was materially worse as ridership, advertising perception and costs continue to rise, says JPMorgan.