Wells Fargo analyst Eric Luebchow downgraded American Tower to Equal Weight from Overweight with a price target of $230, down from $245. The firm moved to the sidelines across towers. While there are some “greenshoots” on domestic leasing, near-term leasing is likely to remain relatively slow, while funds from operations growth looks challenged until 2026, the analyst tells investors in a research note. Wells says American Tower trading at a 3-5-tiimes premium to peers while consensus 2025 adjusted FFO consensus is looking 2% too high, largely from India dilution.
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