American Tower: Goldman Upgrades to Buy

American Tower (AMT) shares are on the rise after Goldman Sachs analyst Jason Armstrong upped his rating on the cellular tower operator to Buy from Neutral, adding the stock to the firm’s Conviction List with a $53 price target.

In a research note, Armstrong points out that the stock lately has been under significant pressure as tower stocks have underperformed due to “leverage characteristics and perceived risks around ownership concentrations.” Armstrong notes that AMT replaces rival Crown Castle (CCI) on Goldman’s Conviction List; while CCI remains Buy rated, he writes that his preference is for “the defensive balance sheet name” in AMT.

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