UPDATE: Citigroup Downgrades American Tower Corp to Neutral Following Share Outperformance

Citigroup reduced its rating on American Tower Corp

from Buy to Neutral while maintaining 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.