In a new report, Topeka Capital Markets analyst David Miller explains why Topeka has upgraded Lamar Advertising from Hold to Buy. Miller loves the company’s robust dividend and sees no secular threat to its business.

Flashback

According to Miller, Topeka was bullish on Lamar throughout most of 2014. “With LAMR’s national footprint growing revenues at a slight premium to GDP, and with CFO Keith Istre opportunistically re-financing LAMR’s various high-yield tranches, and with existing free cash flow being used or pare debt, we felt LAMR easily had the financial capacity to improve its dividend from $2.25/share to $3.00/share,” he explained.

Topeka only downgraded Lamar when the firm felt that the REIT had reached a reasonable valuation.

Some Things Never Change

At its current price and with its 4.7 percent yield, Miller now believes…

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