Shares of oOh!Media Ltd (ASX: OML) have soared today following an optimistic upgrade from stockbroking group Ord Minnett.

According to Dow Jones Newswires, Ord Minnett upgraded its price target on the shares by 20% to $6.10, compared to a closing price of $5.24 on Friday. They’ve risen 4.6% following the upgrade today to trade at $5.48, which is still 11.3% below the target.

oOh!Media is a leader in out-of-home advertising in Australia. It owns and operates numerous billboards located above some of Australia’s busiest roads, while it also owns advertising panels in shopping centres and high-dwelling areas such as airports, cafes and health clubs. It also operates in the New Zealand market.

The company has generated significant growth since its initial public offer (IPO) late in 2014. Indeed, the shares have risen 109% in the last 12 months alone and are trading at a historical high today. That compares to a rise of 145% for its rival APN Outdoor Group Ltd (ASX: APO), although its shares have fallen 0.1% today.

Part of the group’s dominance comes from the fact that while some of the more traditional advertising mediums (such as free-to-air television and newspapers) are on the decline, out-of-home advertising is enjoying strong growth.

This is likely due to the fact that people cannot simply ‘switch-off’ outdoor advertising like they can with most traditional advertisements. For instance, you can change the television or radio channel quickly, but it’s pretty difficult to avoid the billboards covering city-bound freeways.

However, the company is also establishing itself as a leader in digital advertising displays. These not only have the potential to operate on greater margins than the traditional static panels, but also have the ability to reach a greater customer base with businesses that need a faster turnaround for their advertisements and marketing efforts (for example, a retailer running a two-day flash sale).

The company also recently acquired Junkee Media for just over $11 million which it hopes will allow it to create more engaging content to enhance the ability of advertisers to reach more customers.

Although the group’s shares are not cheap, there is reason to still like the business as a long-term prospect. Investors should take Ord Minnett’s price target with a grain of salt, but should also take a closer look at oOh!Media as it could still have further to run.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.