UPDATE: ISI Group Lowers PT on American Tower to $75
ISI Group reiterates a buy rating on American Tower (NYSE: AMT) and decreases its price target from $76 to $75.
ISI Group comments, “In 1Q12, AMT derived ~29% of revenue from its international segment or 24% of NOI when accounting for operating expenses. During 2Q, the currencies of several of its primary markets declined appreciably versus the US dollar, including the Brazilian real (-13% relative to the 1Q average exchange rate), Indian Rupee (-11%), and Mexican Peso (-5%). These three markets comprise approximately 20% of AMT's revenues, or said another way approximately 70% of AMT's international revenues.”
American Tower closed at $68.47 yesterday.
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