UPDATE: J.P. Morgan Downgrades American Tower to Neutral
According to J.P. Morgan, American Tower (NYSE: AMT) is downgraded to Neutral.
J.P. Morgan said that it is downgrading American Tower to Neutral from Overweight due to its premium valuation and 12-15% outperformance (including $0.35 dividend one-time) vs CCI and SBA in 2011. “With REIT conversion behind AMT, REIT index inclusion and 2012 guidance (normally given with 4Q results) are the near-term catalysts for the stock and we believe somewhat priced in. We prefer to own SBAC and CCI which trade at 15-22% discounts on our AFFO estimates.”
American Tower closed on Friday at $60.01.
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