American Tower price target lowered to $223 from $243 at Scotiabank

Scotiabank lowered the firm’s price target on American Tower to $223 from $243 and keeps an Outperform rating on the shares. The higher-for-longer outlook on interest rates has caused damage to the company despite its underlying business remaining strong, the analyst tells investors. The firm adjusted its price target to match the current comparable public market industrial REITs valuations.