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Fly News Breaks for July 10, 2018
Jul 10, 2018 | 06:47 EDT
JPMorgan analyst Philip Cusick downgraded American Tower (AMT) to Neutral from Overweight and lowered his price target for the shares to $160 from $170. The analyst cites the recent rebound in the shares and a "somewhat slower ramp" to domestic carrier spending this year than he had expected for the downgrade. Another guidance increase unlikely, Cusick tells investors in a research note. He finds the stock "fully valued in the medium term" when factoring in domestic and India wireless mergers as well as currency weakness. Cusick continues to recommend SBA Communications (SBAC) as his favorite tower name.
News For AMT;SBAC From the Last 2 Days
Aug 20, 2018 | 08:30 EDT
Argus analyst Jacob Kilstein raised his price target on American Tower to $165 and kept his Buy rating, saying the company stands to benefit from annual lease rate increases paid by their media and telecom tenants. With mobile data usage growth estimated at an annual 50% for the next 5 years, "the demand for tower leases should continue to rise", the analyst writes in his research report for investors. Kilstein also cites American Tower's "solid record of growth and profitability", FFO growth rate, high quality assets, and international expansion efforts in his report, adding that the stock trades at 21.5-times his 2018 NAREIT FFO estimate, below the five-year average of 23.8-times.
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