Goldman Sachs Adds American Tower (AMT) to Conviction Buy List

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November 17, 2011 6:57 AM EST
Get Alerts AMT Hot Sheet
Price: $172.33 +0.06%

Rating Summary:
    31 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 16 | New: 37
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Goldman Sachs added American Tower (NYSE: AMT) to its Conviction Buy with a price target of $71, suggesting 22% upside.

The firm notes that while the stock has done well this year, multiple expansion has been limited as estimates have moved up as well. Goldman continues to be above the consensus for 2012, with revenue and EBITDA expectations 5.2%/3.4% above consensus expectations, respectively.

Goldman said there is room for the stock to move much higher both in terms of fundamental performance and shareholder interest.

While the REIT conversion was well telegraphed, Goldman said it still can act as a catalyst for the stock.

For an analyst ratings summary and ratings history on American Tower click here. For more ratings news on American Tower click here.

Shares of American Tower closed at $57.17 yesterday.

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Goldman Sachs Conviction Buy List, Goldman Sachs