American Tower price target lowered to $233 from $241 at RBC Capital

RBC Capital analyst Jonathan Atkin lowered the firm’s price target on American Tower to $233 from $241 and keeps an Outperform rating on the shares as part of a broader research note on U.S. Towers. The firm is updating its model for changes in interest rates and foreign exchange rates, and company-specific refinancing activity and assumptions ahead of the Q2 earnings reports for the group. RBC remains positive on the company’s predictable revenues due to long-term escalators and master-lease agreements, coupled with high revenue-to-cash flow conversion rates.