Outfront Media price target raised to $13 from $12 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Outfront Media to $13 from $12 and keeps an Equal Weight rating on the shares. The analyst sees advertising spending growth accelerating in 2024 as retail and commerce media builds, connected TV sees new entrants, technology vertical spending rebounds, and and cyclical factors like politics and Olympics contribute. This would suggest a decoupling of advertising growth and GDP growth, the analyst tells investors in a research note. Prime Video’s shift into advertising likely accelerates the ad dollar shift from TV to connected TV, but also represents new competition for players like Roku and Vizio, says the firm.