HSBC analyst Ali Naqvi downgraded American Tower (AMT) to Hold from Buy with a price target of $235, down from $245. The company’s Q2 results were positive on “encouraging” network deployment trends, the analyst tells investors in a research note. However, with the shares up 20% year-to-date, HSBC does not potential for further gains in the near term, especially with the marginal decrease in American Tower’s U.S. organic billings growth guidance. It cites valuation for the downgrade.
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