UPDATE: Morgan Stanley Downgrades American Tower Corp
In a note published Wednesday morning, Morgan Stanley analyst Simon Flannery downgraded shares of American Tower Corp (NYSE: AMT) from Overweight to Equal-weight with a $98 price target.
Flannery noted that American Tower has outperformed peers Crown Castle International and SBA Communications year to date at +24 percent versus +8 and +23 percent, respectively. At this level, Flannery sees American Tower as being fairly valued.
Looking for growth, Flannery believes the company could benefit from expansion into emerging markets but acknowledges risks include a smaller wireless market, a lack of zoning and volatility.
Alternatively, Morgan Stanley currently rates both Crown Castle and SBA Communications at Overweight.
Latest Ratings for AMT
|Dec 2016||Macquarie||Initiates Coverage On||Outperform|
|Sep 2016||SunTrust Robinson Humphrey||Initiates Coverage on||Buy|
|Aug 2016||Argus Research||Maintains||Buy|
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