American Tower initiated with a Market Perform at Bernstein

Bernstein initiated coverage of American Tower (AMT) with a Market Perform rating and $205 price target The firm says it has long loved American Tower as a company, with their high-quality core business and textbook execution. It has built a massive 149k tower portfolio in developed markets around the world and owns CoreSite, a U.S.-only data center provider focused on enterprise, which provides incremental growth despite its small scale. Unfortunately, the secret is out that towers are indeed the “Best Business Ever” and American Tower is the clearest example, with stock swings more likely to come from exogenous macro factors than changes to strategy or execution, Bernstein adds. The firm therefore sees the stock as fairly priced.