BMO Capital keeps an Outperform rating on American Tower with a $240 price target after the company announced the sale of its India tower business to Brookfield for up to $2.5B. The firm views the overall pricing as inline to slightly better than expected. While India growth has better of late, the business has been a significant overhang in recent years and has accounted for outsized churn, the analyst tells investors in a research note. BMO says the sale removes a distraction, but also long-term emerging growth optionality. It thinks a long-term overhang on American Tower shares has been removed.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AMT:
- M & A News: American Tower (NYSE:AMT) to Offload Indian Operations for $2.5B
- American Tower management to meet with Oppenheimer
- American Tower (NYSE:AMT): Still a Great Dividend Stock Despite Its Rebound
- American Tower initiated with bullish view at HSBC, here’s why
- CoreSite announces expansion of New York, Denver data center campuses