Mizuho analyst Vikram Malhotra upgraded American Tower (AMT) to Outperform from Neutral with a price target of $205, up from $189. Over the last 12 months, the stock is down 19%, compared to REITs being up 10%, notes the analyst, who believes several negatives are priced in and sees two drivers of a multiple re-rating. The firm sees U.S. and several non-U.S. cell tower fundamentals inflecting and views the data center business as “materially undervalued with several paths to unlocking value,” the analyst tells investors.
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