In a report issued on June 19, Jonathan Atkin from RBC Capital maintained a Buy rating on American Tower (AMT – Research Report), with a price target of $282.00. The company’s shares closed last Friday at $236.17.
According to TipRanks.com, Atkin is a top 25 analyst with an average return of 15.4% and a 74.6% success rate. Atkin covers the Technology sector, focusing on stocks such as Cyxtera Technologies, Megaport Ltd., and GDS Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for American Tower with a $288.25 average price target, a 23.3% upside from current levels. In a report issued on June 5, Bank of America Securities also initiated coverage with a Buy rating on the stock with a $315.00 price target.
Based on American Tower’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.66 billion and net profit of $712 million. In comparison, last year the company earned revenue of $2.16 billion and had a net profit of $645 million.
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Founded in 1995, Massachusetts-based American Tower Corp. is one of the largest real estate investment trusts and is a leading independent owner and operator of wireless and broadcast communications infrastructure in several countries worldwide.
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