As previously reported, Morgan Stanley analyst Simon Flannery downgraded American Tower (AMT) to Equal Weight from Overweight, citing the stock's strong relative performance in 2018 compared to peers. While he remains supportive of the Tower companies overall, Flannery believes American Tower has a slightly more difficult set-up with strong domestic growth more priced in. He maintains a $170 price target on the shares. Flannery keeps Overweight ratings on SBA Communications (SBAC) and Crown Castle (CCI), stating that the Towers as a group have the best business model in his combined Telecom coverage due to their strong operating fundamentals, high barriers to entry and unique competitive characteristics.