UPDATE: JPMorgan Upgrades Anterix Inc. (ATEX) to Overweight
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JPMorgan analyst Philip Cusick upgraded Anterix Inc. (NASDAQ: ATEX) from Neutral to Overweight with a price target of $50.00 (from $40.00).
The analyst comments "We raise our target to $50 and our weighting to Overweight from Neutral (PT $40). Anterix seeks to emulate the tower business model by leasing its 900 MHz spectrum to investor-owned utility customers through long-term contracts inclusive of annual escalators and renewal options. Anterix owns 52% of the “900 MHz band” (896-901/935-940 MHz), or about 5.2 MHz, acquired through auction purchases and private transactions over decades. The company received a positive outcome from the FCC adopted Notice of Proposed Rulemaking (NPRM) to reconfigure the 900 MHz band into 6 MHz of broadband for private enterprise and critical infrastructure systems, and 4 MHz of narrowband channels. The cost to reconfigure the band is an estimated $130-160m over three years. The failure or further delay of clearing the spectrum could push out the company’s leasing opportunity or the pace of lease signings could come in slower than expected."
Shares of Anterix Inc. closed at $40.55 yesterday.
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