Boston Omaha, an outdoor advertising and broadband telecom services company, is "the best smidcap [small- to mid-cap] stock that investors don't know about," according to Wells Fargo. Its other businesses include surety insurance and asset management. Wells Fargo analyst Steven Cahall raised the price target to $34 from $27, implying shares of Boston Omaha can surge roughly 22% on the back of strong internal and external growth. "We're raising 2022/23 EBITDA at Billboards and Broadband, as organic growth remains solid. Even better is BOC's unique sum-of-the-parts, which in addition to these businesses (and Insurance) incl. > $100mm of net cash/securities + minority stakes in private and public enterprises. The combo makes BOC one of the more defensive names in our coverage," Cahall wrote in a note Monday. "BOC has offensive maneuvers too as a deal-making stock, so its strong balance sheet is likely to find opportunities in depressed asset values in 2023," Cahall added. Boston Omaha shares have outpaced the S & P 500 this year, down nearly 3% compared with the roughly 19% decline in the broader market index. Yet, Cahall expects further upside from here as several advantages are expected to boost the stock, including a strong balance sheet that could support future acquisitions. "We think BOC likes to find mid-stage growth businesses that have long-term ROICs and would benefit from expansion capital," Cahall wrote. "With lending markets tighter and asset values under pressure from macro trends, this seems like an ideal period for BOC's deal irons to be in the fire. We expect 2023 to be another year of activity; hence, we pay a premium multiple for the business." The analyst "modestly" raised his billboards revenue estimates; he expects broadband will continue to benefit from the strength of Boston Omaha's fiber rollout. BOC is headquartered in Omaha, went public in 2017 , and is run by two co-chief executive officers, Adam Peterson and Alex Rozek. According to The Wall Street Journal, Alex Buffett Rozek is Warren Buffett's grandnephew. — CNBC's Michael Bloom contributed to this report.