Why Shares of Outfront Media Are Surging Today

Shares of billboard and transit outdoor advertising company Outfront Media (NYSE: OUT) jumped on Monday after the company announced that it had been recommended to be awarded a contract with the New York Metropolitan Transportation Authority. The stock was up about 12% as 11:30 a.m. EDT.

Outfront has been recommended to be awarded transit concession agreements for subway, commuter rail, and buses, subject to the approval of the MTA's board of directors. The MTA is the largest public transit authority in the United States, carrying 11 million passengers per day on more than 800,000 vehicles.

Parking garage ads from Outfront Media. Image source: Outfront media.

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Source: Fool.com