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.
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