Goldman Sachs analyst Brett Feldman upgraded American Tower to Buy from Neutral with a price target of $245, up from $215. The analyst believes telecom infrastructure stocks look attractive heading into 2023. They are exposed to "secular tailwinds" and can consistently grow funds from operations at "industry-leading" rates through various economic cycles and have the ability to consistently return capital to shareholders through dividends and buybacks, Feldman tells investors in a research note. Based on this outlook, he upgraded tower operator American Tower to Buy.
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