Barclays analyst Brendan Lynch raised the firm’s price target on American Tower (AMT) to $251 from $250 and keeps an Overweight rating on the shares as part of a Q3 preview for the tower group. Towers have been under pressure since Q2 earnings, reflecting crowded positioning and news flow about spectrum sales, the analyst tells investors in a research note. The firm thinks the industry dynamics are not well understood and views the recent price action as “overly pessimistic.”
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