American Tower price target lowered to $275 from $325 at Truist

Truist analyst Greg Miller lowered the firm’s price target on American Tower (AMT) to $275 from $325 but keeps a Buy rating on the shares as part of a broader research note on U.S. Tower REITs. The analyst notes that the long-term growth prospects for the group remain intact for all tower companies with AT&T (T), Verizon (VZ) and T-Mobile’s (TMUS) continued efforts to densify their 5G nationwide networks, combined with elevated activity of Dish (DISH). Miller warns however that the short-term growth prospects could be muted due to a potential slowdown of activity from AT&T as it has been executing the deployment schedule on an accelerated pace throughout 2022 as well as with Verizon adding less C-band towers in 2023 than 2022 and T-Mobile slowing 2.4 Ghz deployments.