American Tower Corp Upgraded by ISI Group to Buy (AMT)

American Tower Corp (NYSE:AMT) was upgraded by analysts at ISI Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Analyst Ratings Network reports. The firm currently has a $79.00 price target on the stock. ISI Group’s price objective suggests a potential upside of 13.41% from the company’s current price.

The analysts wrote, “We are upgrading American Tower (AMT) to Buy from Neutral as the stock has seen meaningful share price underperformance over the past three months (down 16% over that period which equates to 20% relative underperformance vs. the S&P and a 750bp underperformance vs. REITs) despite a Q2 earnings report and outlook for tower demand which was better than expected. For example, AMT’s outlook for core growth of 8% for its domestic portfolio and 12% in its international portfolio is modestly above our assumptions at the start the year which assumed internal growth of 7.5% and 10.4%, respectively, so the revised outlook is better than expected. Going forward, we underwrite domestic SS NOI growth of ~7% per annum over the next 12 and 36 months, on average, while we underwrite NOI growth in the international portfolio of 10.4% over the next twelve months and ~11%, on average, over the next three years.”

A number of other analysts have also recently weighed in on AMT. Analysts at Pacific Crest cut their price target on shares of American Tower Corp from $97.00 to $93.00 in a research note to investors on Friday, August 2nd. They now have an “outperform” rating on the stock. Separately, analysts at JPMorgan Cazenove cut their price target on shares of American Tower Corp from $95.00 to $90.00 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of American Tower Corp in a research note to investors on Thursday, August 1st. They now have a $80.00 price target on the stock, down previously from $91.00.

Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $86.67.

American Tower Corp (NYSE:AMT) traded down 0.29% on Tuesday, hitting $69.46. American Tower Corp has a 1-year low of $68.03 and a 1-year high of $85.26. The stock’s 50-day moving average is currently $72.80. The company has a market cap of $27.436 billion and a price-to-earnings ratio of 43.54.

American Tower Corp (NYSE:AMT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.92 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.52 by $0.40. The company had revenue of $808.80 million for the quarter, compared to the consensus estimate of $815.11 million. During the same quarter last year, the company posted $0.12 earnings per share. American Tower Corp’s revenue was up 15.9% compared to the same quarter last year. Analysts expect that American Tower Corp will post $1.86 EPS for the current fiscal year.

In other American Tower Corp news, CEO James Taiclet, Jr. sold 100,000 shares of American Tower Corp stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $70.66, for a total value of $7,066,000.00. Following the transaction, the chief executive officer now directly owns 100,041 shares of the company’s stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures.