'American Tower (AMT) continues to deliver'; PT Raised to $214 at Bernstein SocGen

Bernstein SocGen Group analyst Madison Rezaei raised the price target on American Tower (NYSE: AMT) to $214.00 (from $207.00) while maintaining an Outperform rating.

The analyst commented: "Boring is the goal, AMT continues to deliver; AMT reported this morning with a modest beat and raise, consistent with expectations. The sector is still trading at extremely low multiples, and the story hasn’t changed, but for the most part, AMT is controlling its controllables. We maintain our Outperform with a Price Target of $214. The quarter looked pretty similar to last quarter, with DISH-adjusted growth in the MSDs. Q2 property revenue +6.3% YoY, AFFOps +4.2%, with consolidated organic tenant billings growth around 2% (~4% ex-DISH). Guidance was raised by ~1% - FX tailwinds, CoreSite growth, and some pass-through/straight-line opex noise bumps AFFOps to $11.20."

You May Also Be Interested In

• Jefferies Downgrades Xior Student Housing NV (XIOR:BB) to Hold
• Goldman Sachs Upgrades Covivio (COV:FP) to Buy
• BofA Securities Downgrades Smith & Nephew PLC. (SN:LN) (SNN) to Neutral