The last few days have seen the stock make a bit of a recovery. It seems relatively stable, though the volumes are not too high to indicate great upside momentum. Reaction to the good earnings was muted in view of the conservative forecast for the third quarter. Q2'13 saw the company beating analyst estimates with 6.5% growth in revenues and 53% rise in net income. The stock has corrected about 8% from the 52 week high made in May, but remains 34% up on a 52 week basis. It needs a boost in the form of some positive news flow to get the upward momentum going. Analyst targets are higher than the current level, with Zacks, having a price target of $46 for the stock. However, Zacks analysts remained cautious due to higher operating expenses and increasing competition. Further, the recent in-fill acquisitions are likely to add to the capital expenditure and related integration costs. The debt is already at high levels. Deutsche Bank & Citigroup have a target price of $53. Competition is direct and indirect as the market is highly fragmented. There are giants like Clear Channel Outdoors (CCO), and online advertising, specially the developments in social media cannot be ignored. Social media sponsorship / native advertising is being preferred by some advertisers for using the power of celebrity influence. IZEA (IZEA), a company operating in this space, reported results of a survey which indicate the changing dynamics in this space. The attempt of Lamar to convert into REIT may take some time, but will be more beneficial for investors if the fundamentals continue to improve. The valuations are a bit high now, but continued growth in the bottom-line can change that quickly. The trailing P/E is 122, the forward P/E is 47 and the PEG is 0.66. This points to the fact that market expects good growth in earnings in the next few years.