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Piper Jaffray lowers its rating on American Tower
AMT to Neutral from Overweight based on current valuation. The $70 price target is reiterated.
Piper Jaffray notes, "American Tower is trading at a premium to the other tower operators on recurring free cash flow (RFCF) yield. While we continue to like the company and are maintaining our $70 target price, we no longer believe it will be the best performer within our tower coverage over the next 12 months; we think SBA Communications is likely to outperform the group over the next year."
AMT closed at $63.81 on Thursday.
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