American Tower downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded American Tower (AMT) to Sector Perform from Outperform with a price target of $220, down from $260. The firm said the downgrade is based on lower relative implied upside versus peers, adding that commentary from the big three tower companies through Q3 has been relatively muted as it related to carrier activity, with no significant changes apparent that would lead investors to expect any significant deviation from current site rental revenue expectations. The firm added that it believes its valuation parameters are appropriate given historical tower multiples in a comparable interest rate environment coupled with pressures on sustained carrier activity amid spectrum acquisitions.