American Tower price target lowered to $270 from $278 at UBS

UBS analyst Batya Levi lowered the firm’s price target on American Tower to $270 from $278 but keeps a Buy rating on the shares. The company is well positioned to benefit from a higher carrier leasing environment, driving mid-to-high single digit organic growth for several years, but in the near term, there will be "puts and takes across regions" with growth led by Europe and the U.S., the analyst tells investors in a research note. Levi adds however that American Tower management should favor share repurchases in the near term over M&A or other investments as the company’s current valuation is at a discount to 10-year historical average.