** Shares of advertising REIT Outfront Media OUT.N up about 5.7% at $21.32 in afternoon trading

** TD Cowen upgrades OUT to "buy" from "hold"; raises PT to $24 from $18

** Brokerage says the upgrade is based on the New York Metropolitan Transportation Authority awarding Outfront Media a contract for advertising on subway, commuter rail, buses and billboards, which is seen as a sustainable driver of profitability

** "The company benefits from high operating leverage, rising digital and programmatic penetration, and a recurring revenue base" — TD Cowen

** Four of the seven analysts covering OUT rate the stock "buy" or higher, and three "hold"; their median PT is $23 — data compiled by LSEG

** Including session's move, OUT shares up ~17.3% YTD

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))