Deutsche Bank analyst Matthew Niknam upgraded American Tower to Buy from Hold with a price target of $254, up from $240. The analyst expects American Tower’s proportionate funds from operations growth will outpace peers over the next several years, despite its current valuation "that sits at the middle of the pack." The company’s "well diversified" global portfolio positions it best as a top beneficiary of global mobile data traffic growth over the next several years, Niknam tells investors in a research note.
Published first on TheFly
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