|Over a week ago|
American Tower 9M share Secondary priced at $244.75 » 20:5205/0505/05/21
The deal size was…
The deal size was increased to 9.0M shares from 8.5M and priced below the last closing price of $248.60. BofA is acting as lead book running manager for the offering.
American Tower announces 8.5M share offering of common stock » 06:4905/0505/05/21
American Tower announced…
American Tower announced that, in connection with the funding of its transaction with Telxius Telecom, S.A., pursuant to which it expects to acquire Telxius' European and Latin American tower divisions, comprising approximately 31,000 communications sites, American Tower intends to offer 8.5M shares of its common stock in a registered public offering, subject to market and other conditions. American Tower intends to grant the underwriters the option to purchase up to an additional 850,000 shares common stock to cover over-allotments, if any. This offering is not contingent upon consummation of the Telxius transaction. American Tower expects to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facilities and term loans, to finance the Telxius transaction and to pay related fees and expenses. If for any reason the Telxius transaction is not completed, American Tower expects to use the net proceeds from this equity offering to repay existing indebtedness and for general corporate purposes. BofA Securities is acting as lead book-running manager for the offering. Barclays, Citigroup, Morgan Stanley and RBC Capital Markets are also acting as joint book-running managers with respect to the offering.
American Tower price target raised to $280 from $250 at RBC Capital » 06:3305/0505/05/21
RBC Capital analyst…
RBC Capital analyst Jonathan Atkin raised the firm's price target on American Tower to $280 from $250 and keeps an Outperform rating on the shares. The analyst cites the company's better than expected Q1 EBITDA, updating his model to reflect the outperformance while rolling forward his valuation estimates.
CDPQ to acquire 30% stake in ATC Europe » 06:1105/0505/05/21
American Tower and Caisse…
American Tower and Caisse de depot et placement du Quebec announced that CDPQ will acquire a 30% stake in ATC Europe as part of a new long-term strategic partnership through a transaction valued at over EUR1.6B, implying an enterprise value of more than EUR8.8B for ATC Europe. Pursuant to the partnership agreement, American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while CDPQ will obtain seats on ATC Europe's Board of Directors, along with certain governance rights. The transaction will position American Tower and CDPQ to jointly benefit from sustainable, long-term secular wireless growth trends in select European markets as 5G deployments and demand for communications infrastructure accelerate. ATC Europe's portfolio, pro forma for the closing of American Tower's pending Telxius acquisition, will consist of nearly 30,000 communications sites. The transaction is expected to close in the third quarter, subject to customary closing conditions, including regulatory approvals.
American Tower price target raised to $261 from $244 at Raymond James » 07:4205/0405/04/21
Raymond James analyst Ric…
Raymond James analyst Ric Prentiss raised the firm's price target on American Tower (AMT) to $261 from $244 and keeps an Outperform rating on the shares. Even though T-Mobile/Sprint (TMUS) churn will dampen U.S. net growth in the near-term, Prentiss feel the long-term thesis remains intact and continues to believe in the runway for U.S. leasing, the analyst tells investors in a research note. Prentiss believes 2021 will be the inflection point.
American Tower price target raised to $275 from $245 at Wells Fargo » 07:2104/3004/30/21
Wells Fargo analyst…
Wells Fargo analyst Jennifer Fritzsche raised the firm's price target on American Tower to $275 from $245 and keeps an Overweight rating on the shares. While the mix of private capital and equity remains an open question mark, the analyst expects to learn more in the coming weeks ahead of the anticipated close of the first tranche sometime in Q2, Fritzsche tells investors in a research note.
American Tower sees FY21 revenue $8.5B-$8.6B, consensus $8.83B » 07:2304/2904/29/21
The Company's outlook reflects estimated unfavorable impacts of foreign currency exchange rate fluctuations to property revenue, Adjusted EBITDA and Consolidated AFFO of approximately $48 million, $30 million and $25 million, respectively, relative to the Company's prior 2021 outlook. The impact of foreign currency exchange rate fluctuations on net income is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort.
American Tower reports Q1 FFO $2.46, consensus $2.33 » 07:2104/2904/29/21
Reports Q1 revenue $2.2B,…
Reports Q1 revenue $2.2B, consensus $2.17B. Tom Bartlett, American Tower's Chief Executive Officer, stated, "We began 2021 by entering into the Telxius Towers transaction, which we expect to be transformational for our European business. Our global teams followed that by delivering a strong quarter, highlighted by elevated demand for our sites, the construction of nearly 2,000 new towers and highly attractive growth in Consolidated AFFO per Share. Looking forward, in the U.S., we expect that the gathering 5G momentum will enable us to leverage our extensive site portfolio and mutually beneficial relationships with key tenants to drive sustainable, predictable, recurring long-term growth in cash flows. Internationally, large multinational carriers are aggressively investing in their wireless networks to keep pace with rapidly growing mobile data usage as smartphone penetration. Reports Q revenue $, consensus $.
|Over a month ago|
Fly Intel: Top five analyst initiations » 09:5404/1204/12/21
OLO, NAPA, TSM, AMT, TWST
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Olo (OLO) initiated with a Buy at Truist, an Overweight at Piper Sandler and JPMorgan, an Outperform at RBC Capital, and William Blair and initiated with a Neutral at Goldman Sachs. 2. Duckhorn Portfolio (NAPA) initiated with an Outperform at Credit Suisse and Evercore ISI, initiated with an Overweight at JPMorgan, initiated with a Buy at BofA, Jefferies and Citi, initiated with a Sector Perform at RBC Capital and initiated with an Equal Weight at Barclays. 3. TSMC (TSM) initiated with a Neutral at Atlantic Equities. 4. American Tower (AMT) initiated with a Buy at Jefferies. 5. Twist Bioscience (TWST) initiated with an Overweight at Piper Sandler. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, Reference Link
American Tower initiated with a Buy at Jefferies » 08:0004/1204/12/21
Jefferies analyst Jonathan Petersen initiated coverage of American Tower with a Buy rating and $278 price target. The recent C-band auction portends higher telecom capex spending and tower REITs' should sustain high-single-digit, organic same-store growth for multiple years given secular tailwinds, Petersen tells investors as he rolls out coverage on the group. American Tower is his top pick with the stock trading at a discount to peers due primarily to the higher Sprint churn in 2021/22 that he sees being soon behind. He also thinks accretion from the Telxius portfolio should drive upside to consensus estimates.