American Tower price target raised to $248 from $223 at Scotiabank

Scotiabank analyst Maher Yaghi raised the firm’s price target on American Tower to $248 from $223 and keeps an Outperform rating on the shares. The company is demonstrating the benefits of a well-diversified asset portfolio, supported by strong master lease agreements, international growth, and exposure to strong data center dynamics, the analyst tells investors. The firm views the stock’s valuation as attractive and expects organic AFFO per share growth to remain in the high single-digit range over the next 2 years.