UBS Raises Price Target on American Tower (AMT) to $110 Following 2Q Results

UBS Reiterates a Buy rating on American Tower (NYSE: AMT) and raised the price target of $110.00 (from $106.00), following 2Q results. Analyst Batya Levi believes that the company is positioned well to benefit from upside to leasing activity. AMT expects int'l revenues to grow 10.5% organically, with accelerating growth in India, Brazil and Africa.

Batya commented, "AMT's 2Q results reflected a strong leasing environment in the US and internationally. Mgmt. increased its outlook to reflect the closed deal, better legacy EBITDA and lower interest/cash taxes. AMT expects 8% organic revenue growth and 15% new property growth (vs. 14% in 1Q). We believe the company is positioned well to benefit from upside to leasing activity at year-end and into 2016. We increased our AFFO estimates by 1-2% to $5.00/sh in 2015 and $5.75 in 2016."

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 $96.32 yesterday.

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