Oppenheimer Believes American Tower Corp (NYSE: AMT) Won’t Stop Here

By Austin Angelo

In a report released today, Timothy Horan from Oppenheimer reiterated a Buy rating on American Tower Corp (NYSE: AMT), with a price target of $155. The company’s shares closed yesterday at $128.73, close to its 52-week high of $132.86.

Horan wrote:

“We are lowering our aggressive FY17/FY18 estimates for AMT on expectations for fewer acquisitions and more buybacks, and slightly less aggressive network upgrades. We remain above management’s guidance for FY17/FY18, and are lowering our slightly more aggressive domestic top-line estimates on timing of implementation of network upgrades (600MHz, LTE-Advanced, densification). While a TMUS/S tie-up remains a risk, we would expect the combined entity to spend to enhance its network to compete with cable. AMT’s contracts with the big four carriers are also protected by multi-year contracts, and churn remains very steady at 0.4% per year.”

According to TipRanks.com, Horan is a top 25 analyst with an average return of 11.8% and a 75.0% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Riverbed Technology.

Currently, the analyst consensus on American Tower Corp is Strong Buy and the average price target is $142.14, representing a 10.4% upside.

In a report issued on May 17, Barclays also reiterated a Buy rating on the stock with a $140 price target.

Based on American Tower Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.62 billion and quarterly net profit of $316 million. In comparison, last year the company earned revenue of $1.29 billion and had a net profit of $275 million.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock. Earlier this month, David Sharbutt, a Director at AMT sold 3,653 shares for a total of $469,812.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

American Tower Corp. operates as a developer of wireless and broadcast communications real estate, which is engaged in leasing antenna space on multi-tenant communications sites to different providers. It operates business through three segments: Domestic Rental and Management, International Rental and Management and Network Development Services. The Domestic Rental and Management segment provides for the leasing of antenna space on multi-tenant communications sites to wireless service providers and radio and television broadcast companies in the United States. The International Rental and Management segment supply for the leasing of antenna space on multi-tenant communications sites to wireless service providers and radio and television broadcast companies in Brazil, Chile, Colombia, India, Ghana, Mexico, Peru and South Africa. The Network Development Services segment offers tower-related services domestically, including site acquisition, zoning and permitting services and structural analysis services, which primarily support site leasing business and the addition of new tenants and equipment. The company was founded in 1995 and is headquartered in Boston, MA.