Citigroup has published its Teleconomy 2010 Wireless update report, stating:
"We are refreshing our valuation framework given the prospect for the tower stocks to benefit from: 1) the increasing likelihood for tower companies to retain tax efficiency by using a REIT structure beginning with
American Tower as soon as the 2012 tax year; 2) the year-to-date strength in REIT valuations (up 14%) relative to the S&P 500 (up 2%) that includes some multiple expansion for Data Center REITs that we view as comparables; & 3)
expectation for interest rates to remain low over the next 6-12 months."
Citigroup includes American Tower Corporation AMT, Crown Castle International Corp. CCI, and SBA Communications Corporation SBAC, and of the group prefers Buy-rated American Tower Corporation.
American Tower Corporation closed yesterday at $50.58.
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Posted In: Analyst ColorNewsAnalyst Ratingsamerican tower groupCitigroupCrown CastleSBA CommunicationsTelecommunication ServicesWireless Telecommunication Services
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