American Tower (AMT) PT Raised to $239 at TD Cowen

TD Cowen analyst Michael Elias raised the price target on American Tower (NYSE: AMT) to $239.00 (from $226.00) while maintaining a Buy rating.

The analyst commented, "AMT reported strong 2Q24 results and raised its 2024 guide including net organic growth for Africa and Europe while lowering for LatAm. We view the reallocation of capital to developed from emerging markets as prudent. Questions remain on domestic carrier activity pickup in 2025, though AMT commentary seems encouraging vs. peers. We expect AMT to continue to trade at premium to comps over the NT."

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