American Tower upgraded to Outperform from Market Perform at Bernstein

Bernstein upgraded American Tower (AMT) to Outperform from Market Perform with an unchanged price target of $207. The firm believes the market is overstating American Tower’s risk while undervaluing its potential upside. With the stock at a five year low multiple, “this is the moment” to buy the shares, the analyst tells investors in a research note. Bernstein discusses the satellite risk surrounding American Tower. In order to compete with terrestrial wireless solutions, direct-to-device satellite plans will require either a low-band terrestrial deployment or a mobile virtual network operator partnership to make them truly competitive for nationwide wireless, Bernstein argues. Either of these scenarios is positive for tower companies, the firm contends.