American Tower initiated with a Buy at Truist

Truist analyst Matthew Niknam initiated coverage of American Tower (AMT) with a Buy rating and $205 price target Towers are high quality businesses with long-term upside, but facing a tougher near-term path, says the analyst while rolling out coverage of the Communications Infrastructure and Technology Networking and Hardware sectors. Despite valuations near multi-year lows, the firm believes the group lacks a material catalyst for re-rating given slower near-term organic growth and lingering interest rate headwinds, the analyst tells investors.