UPDATE: Piper Jaffray Raises PT to $79 on American Tower Corporation on Model Update

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Piper Jaffray maintained American Tower Corporation
AMT
with a Neutral rating and raised the price target from $75.00 to $79.00. Piper Jaffray said, "We are raising our FY13 revenue estimate 6.3% to $3.260B, as we include 883 towers acquired in Mexico and the construction of 2,500 new towers during 2013. Our FY13 adjusted EBITDA forecast goes to $2.125B from $2.008B. Finally, we're raising our adjusted funds from operations forecast 8.8% to $1.402B. However, we're reducing our FY13 EPS estimate to $2.09 from $2.16 due to below the line items, including higher D&A and interest expense." American Tower Corporation closed at $77.40 on Wednesday.
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