Bank of America Reiterates Buy Rating on American Tower
According to Bank of America, American Tower (NYSE: AMT) Buy rating is reiterated.
Bank of America said that American Tower remains a top pick within our sector heading into 2012 driven by the twin forces of 1) an improving fundamental outlook for network spending as carriers chase ever-rising data demand and 2) incremental stock demand emerging among REIT investors now that it has formally transitioned to a REIT. “In total, among the top 50 owners of the top 5 REITS (which own 46% of all this market cap), were AMT to be held proportionally, we see $4.8 billion of potential demand relative to a market cap of $21.2 billion as of 9/30/11, or 23%.”
American Tower closed yesterday at $61.31.
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