UPDATE: J.P. Morgan Downgrades American Tower to Neutral

According to J.P. Morgan, American Tower

is downgraded to Neutral. J.P. Morgan said that it is downgrading American Tower to Neutral from Overweight due to its premium valuation and 12-15% outperformance (including $0.35 dividend one-time) vs CCI and SBA in 2011. “With REIT conversion behind AMT, REIT index inclusion and 2012 guidance (normally given with 4Q results) are the near-term catalysts for the stock and we believe somewhat priced in. We prefer to own SBAC and CCI which trade at 15-22% discounts on our AFFO estimates.” American Tower closed on Friday at $60.01.