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UPDATE: Citigroup Downgrades American Tower to Neutral Following Share Outperformance

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Citigroup reduced its rating on American Tower Corp. (NYSE: AMT) from Buy to Neutral and maintained a $76 price target.

Citigroup noted, "We are reducing our rating on American Tower from Buy to Neutral partly based on valuation and the absence of meaningful upside potential to consensus revenue and OIBDA estimates for 2012 and 2013 based on our unchanged expectations. ... Over the last year: 1) AMT has adopted a REIT structure for its domestic tower assets; 2) we believe consensus expectations have risen to reflect AMT's solid organic growth & revenue accretion from pending & completed acquisitions; & 3) AMT has increased its net debt leverage ratio towards the mid-point of its target range at 4x that we estimate contributed to favorable shareholder returns."

American Tower Corp. closed at $73.03 on Tuesday.

Latest Ratings for AMT

Aug 2015Stifel NicolausAssumesBuy
Aug 2015Morgan StanleyUpgradesEqual-weightOverweight
Jul 2015KeyBancMaintainsOverweight

View More Analyst Ratings for AMT
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Downgrades Intraday Update Analyst Ratings


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