Market Overview

UPDATE: Citigroup Downgrades American Tower to Neutral Following Share Outperformance

Related AMT
Entire Wireless Tower REIT Sector Hits 52-Week Highs
American Tower To Buy BR Towers To Fortify Brazilian Presence - Analyst Blog

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.

Posted-In: CitigroupAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (AMT)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters