Barclays Maintains an 'Overweight' on American Tower (AMT); Subpoena Unlikely to Be Material, Although Near-Term Overhang Probable

Barclays maintains an 'Overweight' on American Tower (NYSE: AMT), PT $60.

Barclays analyst says, "While AMT's S-4 filing for its upcoming REIT conversion contained few surprises regarding the REIT conversion itself, the news that the company has received an SEC subpoena naturally created market anxiety. While it's clearly never a good thing to receive a subpoena from the SEC, we don't believe that the subpoena represents a material risk for AMT shares. Until the market receives greater clarity about exactly what's at issue, though, the subpoena is likely to be an overhang. While near-term upside could be limited, we view any further weakness as an attractive buying opportunity for AMT shares for investors with a longer-term time horizon."

For more ratings news on American Tower click here and for the rating history of American Tower click here.

Shares of American Tower closed at $51.21 yesterday.

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