S&P Equity Research Reiterates 'Strong Buy' on American Tower (AMT)
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S&P Equity Research reiterates a 'Strong Buy' on American Tower (NYSE: AMT).
S&P analyst, J. Moorman, says, "Sprint (NYSE: S) and Clearwire (Nasdaq: CLWR) announce that they will combine their WiMAX operations, and will get an investment of $3.2B. We think this is a positive for AMT and all tower operators, as it would help realize a nationwide WiMAX network faster than we expected, which we believe will bring additional tower rental revenue to AMT and other tower service providers. Additional revenue from S or CLWR is not included in our current estimates. We are maintaining our 12-month target price of $54, based on 27X our '09 free cash flow estimate, in line with peers."
American Tower Corporation is a wireless and broadcast communications infrastructure company with a portfolio of over 22,800 communications sites, including wireless communications towers, broadcast communications towers and distributed antenna systems. [SM]
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