UPDATE: Piper Jaffray Raises PT to $75 on American Tower on Revised Fiscal 2012 Estimates

Piper Jaffray reiterated its Neutral rating on American Tower

and raised its price target from $70 to $75. Piper Jaffray said, "We are raising our FY12 revenue estimate by $17M to $2.847B. Our FY12 adjusted EBITDA forecast goes to $1.871B from $1.847B. Finally, we're raising our FY12 EPS estimate to $1.65 from $1.54. However, we are reducing our adjusted funds from operations forecast $6M to $1.187B, largely due to higher straight-line revenue adjustments. Our estimates include the construction of 2,125 towers during 2012." American Tower closed at $74.84 on Friday.