UPDATE: Credit Suisse Downgrades American Tower Corp to Neutral on Full Valuation

Credit Suisse reduced its rating on American Tower Corp (NYSE: AMT) from Outperform to Neutral as it believes current valuation on shares is full despite a strong second quarter. Price target is remains at $75 a share.

Credit Suisse noted, "AMT reported better than expected organic growth in the US and internationally; however, much of the international growth was offset by currency headwinds. Mgmt. increased EBITDA and AFFO guidance slightly. We are increasing estimates slightly for higher than expected site acquisitions. No change to price target. With the stock within 3% of our target, we are moving to Neutral (from Outperform)."

American Tower Corp closed at $72.50 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.