S&P Capital IQ Picks American Tower Corp. Focus Stock of the Week
Posted on January 09, 2012 at 13:00 PM EST
NEW YORK, Jan. 9, 2012 /PRNewswire/ -- American Tower Corporation (NYSE: AMT: $60) has been picked by S&P Capital IQ as its Focus Stock of the Week. AMT carries S&P Capital IQ's highest investment recommendation of 5-STARS, or Strong Buy. A market leader in the wireless tower industry, AMT has a significant position in the U.S. and internationally. Through a stream of international acquisitions, its international portfolio now accounts for 46% of its total towers.
"Due to long-term contracts and annual rent escalations of 3% to 5% in the U.S., we think that AMT has high revenue visibility," said James Moorman, equity analyst at S&P Capital IQ. "We believe that increasing data usage and continued market buildouts from the 700MHz spectrum auctions will provide an additional revenue boost over the next couple of years."
Moorman notes that American Tower recently gained real estate investment trust (REIT) status for its U.S. operations. "We believe the conversion to a REIT will allow AMT to minimize its taxes on its real estate assets and distribute cash flow to investors, yet continue to drive growth and repurchase shares," said Mr. Moorman.
To view a video of Mr. Moorman discussing AMT paste the following link into your browser.
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