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AMT

American Tower

$166.61

0.42 (0.25%)

, SBAC

SBA Communications

$171.49

2.44 (1.44%)

08:44
12/12/18
12/12
08:44
12/12/18
08:44

American Tower downgraded to Equal Weight after outperformance at Morgan Stanley

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.

AMT

American Tower

$166.61

0.42 (0.25%)

SBAC

SBA Communications

$171.49

2.44 (1.44%)

CCI

Crown Castle

$116.17

0.06 (0.05%)

AMT American Tower
$166.61

0.42 (0.25%)

11/02/18
DBAB
11/02/18
DOWNGRADE
Target $167
DBAB
Hold
American Tower downgraded to Hold on 'full valuation' at Deutsche Bank
Deutsche Bank analyst Matthew Niknam last night downgraded American Tower to Hold from Buy and lowered his price target for the shares to $167 from $169. The analyst, who still likes the company's long-term story, sees risk to estimates and a "full valuation" at current share levels. He finds it tougher to recommend shares on a 12 month basis.
11/02/18
11/02/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Neutral from Buy at BofA/Merrill with analyst Wamsi Mohan citing his concern that there are likely to be further negative estimate revisions. 2. American Tower (AMT) downgraded to Hold on 'full valuation' at Deutsche Bank with analyst Matthew Niknam saying he sees risk to estimates and a "full valuation" at current share levels. 3. Credit Suisse (CS) downgraded to Hold from Buy at Societe Generale. 4. Puma Biotechnology (PBYI) downgraded to Underweight from Equal Weight at Barclays, to Underweight from Overweight at JPMorgan, and to Underperform from Buy at BofA/Merrill. 5. UPS (UPS) downgraded to Neutral from Buy at Citi with analyst Christian Wetherbee lowering his price target for the shares to $115 from $125. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/03/18
MOFT
12/03/18
DOWNGRADE
MOFT
Neutral
American Tower downgraded to Neutral from Buy at MoffettNathanson
12/12/18
MSCO
12/12/18
DOWNGRADE
MSCO
Equal Weight
American Tower downgraded to Equal Weight from Overweight at Morgan Stanley
SBAC SBA Communications
$171.49

2.44 (1.44%)

10/31/18
SBSH
10/31/18
UPGRADE
Target $187
SBSH
Buy
SBA Communications upgraded to Buy from Neutral at Citi
Citi analyst Michael Rollins upgraded SBA Communications (SBAC) to Buy and raised his price target for the shares to $187 from $175. American Tower's (AMT) commentary was encouraging for site leasing activity heading into 2019, and SBA is positively levered to improving domestic fundamentals, Rollins tells investors in a research note. He views SBA's valuation as "relatively attractive" and believes the company has "positive strategic optionality."
07/30/18
MSCO
07/30/18
NO CHANGE
MSCO
Overweight
Survey of tower owners bodes well for tower stocks, says Morgan Stanley
Morgan Stanley analyst Simon Flannery said the firm's survey of 20 private tower owners points to solid leasing trends and robust demand, leading him to reiterate his Overweight ratings on American Tower (AMT) and SBA Communications (SBAC) ahead of them reporting earnings this week. Those surveyed expect momentum to continue, which he believes bodes well for second half organic growth acceleration into 2019, Flannery tells investors. He also has an Overweight rating on Crown Castle (CCI).
10/31/18
SBSH
10/31/18
DOWNGRADE
Target $176
SBSH
Neutral
American Tower downgraded to Neutral from Buy at Citi
Citi analyst Michael Rollins downgraded American Tower (AMT) to Neutral while raising his price target for the shares to $176 from $161. The analyst remains positive on American Tower's fundamental outlook and capital allocation strategy, but believes the recent share price strength is "better compensating shareholders for domestic business improvements and a significant portion of the retained value within its India operations." Rollins coupled the downgrade with an upgrade of SBA Communications (SBAC) to Buy.
08/01/18
DBAB
08/01/18
NO CHANGE
Target $169
DBAB
Buy
American Tower price target raised to $169 from $155 at Deutsche Bank
Deutsche Bank analyst Matthew Niknam raised his price target for American Tower (AMT) to $169 saying he came out of the Q2 Tower earnings reports increasingly positive. The analyst sees "very strong" core trends in the U.S. and Latin America. Commentary from the Tower companies indicates that all four national carriers are spending at an elevated clip, Niknam tells investors in a research note. The analyst keeps a Buy rating on American Tower. He also raised his price target for Hold-rated SBA Communications (SBAC) to $183 from $170.
CCI Crown Castle
$116.17

0.06 (0.05%)

12/03/18
MOFT
12/03/18
DOWNGRADE
MOFT
Neutral
Crown Castle downgraded to Neutral from Buy at MoffettNathanson
12/12/18
WELS
12/12/18
NO CHANGE
Target $129
WELS
Outperform
Crown Castle price target raised to $129 from $123 at Wells Fargo
Wells Fargo analyst Jennifer Fritzsche raised her price target for Crown Castle to $129 from $123 after traveling with management. The analyst walked away from these meetings with increased conviction in the company's strategy and drivers of growth. Crown Castle is Fritzsche's top tower pick for 2019. She reiterates an Outperform rating on the shares.
04/30/18
MSCO
04/30/18
NO CHANGE
MSCO
Morgan Stanley discusses T-Mobile deal implications for competitors, towers
After T-Mobile (TMUS) and Sprint (S) announced a merger agreement, Morgan Stanley analyst Simon Flannery said that while the $43B in estimated synergies is "impressive," the key question is how likely is it that the companies can gain regulatory approval. On competition, he thinks the deal may contribute to a more benign competitive environment in the near-term and that AT&T (T) and Verizon (VZ) could benefit from market consolidation, though he adds that the new T-Mobile would be a formidable competitor in new areas such as 5G and fixed broadband. Flannery added that the deal will be an overhang on tower and fiber providers, noting that part of their $4B in annual network synergies involves a reduction in tower counts from 110,000 to 85,000 over time. However, the analyst said he would expect much more gear to be deployed on each tower and small cells will still expand to 50,000 from 10,000. Tower operators include American Tower (AMT), Crown Castle (CCI) and SBA Communications (SBAC), which are all lower in pre-market trading.

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