Citigroup Reiterates Buy, $65 Target on American Tower
Citigroup maintains its Buy rating and $65 target price on American Tower (NYSE: AMT) ahead of the company's Thursday earnings release.
Citigroup says, "We remain a Buyer of AMT based on rising exposure to faster-growing International markets, financial flexibility to improve shareholder returns, & tax efficiencies to cash flow provided by REIT conversion. We believe the recently announced acquisitions support our revenue expectation, representing some upside to the FY12 consensus revenue expectation. Guidance could be a starting point for cash flow and AFFO prospects for 2012 given the number of pending acquisitions that may or may not be included in American Tower's initial guidance outlook for full-year 2012."
AMT closed at $62.50 a share on Friday.
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