Bank of America Reiterates Buy Rating, $85 PT on American Tower Corp. on Incremental REIT Fund Demand

In a report published Monday, Bank of America analyst David W. Barden reiterated a Buy rating and $85.00 price target on American Tower Corp.

. In the report, Barden noted, “A key tailwind for AMT shares following its REIT conversion at the beginning of ‘12 is the incremental demand that has emerged among REIT funds given how favorably AMT compares to other REITs on growth, valuation, and stability. We continue to believe that relatively few REIT funds that could own AMT actually do, implying substantial potential buying demand remains on the sidelines.” American Tower Corp. closed on Friday at $75.30.