UPDATE: Nomura Initiates American Tower at Neutral on India Headwinds

Nomura initiated coverage on American Tower AMT with a Neutral rating and a $70 price target. Nomura noted, "American Tower has become one of the largest independent tower companies globally, operating nearly 50k towers in 10 countries on four continents. The company converted to REIT status as of January 1, 2012, after utilizing most of its net operating losses, and began paying dividends representing a ~1.5% yield. We view India as American Tower‟s best international growth opportunity, but it is a crowded market with some uncertainty regarding wireless carrier regulation." American Tower closed at $72.55 on Wednesday.