UPDATE: Goldman Sachs Reinstates Coverage on American Tower Corp. with Buy Rating, $97 PT on Increasing Capital Intensity of U.S. Wireless Carriers

In a report published Wednesday, Goldman Sachs analyst Jason Armstrong reinstated coverage on

with a Buy rating and $97.00 price target. In the report, Goldman Sachs noted, “We remove our Not Rated designation on AMT and assign a Buy rating and a $97, 12-month price target. Our revised estimates for AFFO/share for 2013-2015 are $3.73 (+0.2%), $4.66, and $5.41. We welcome a renewed focus on US growth. The increasing capital intensity of U.S. wireless carriers bodes well for the tower operators for the next several years. GTP increases AMT's domestic site count by more than 20% with a younger, less penetrated tower base that should offer faster growth.” American Tower Corp. closed on Tuesday at $74.73.