American Tower price target lowered to $218 from $265 at JPMorgan

JPMorgan lowered the firm’s price target on American Tower to $218 from $265 and keeps an Overweight rating on the shares. Carrier network activity continues to slow after a few years of outsized activity due to the Sprint merger as well as 5G and C-Band upgrades, the analyst tells investors in a research note. The firm sees a more normalized carrier network activity environment for 2024 and reduced new leasing activity for American Tower, Crown Castle and SBA Communications. It sees a difficult environment for tower stocks as long as rates stay high and tower activity is not accelerating. However, at current multiples, the shares could start to attract new investment, adds JPMorgan.