Outfront Media downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Ian Zaffino downgraded Outfront Media to Perform from Outperform without a price target following the “soft” Q2 report. The analyst cites ongoing advertising weakness, particularly in Transit, and the potential for a dividend reduction and tightening covenants for the downgrade. Outfront’s “weak” Q2 and full-year puts the firm on the sidelines, particularly given the company’s high leverage. While the Billboard business continues to steadily grow, the company has seen a general softness in the advertising market. the analyst tells investors in a research note.