American Tower Downgraded Amid Market Concerns

BOSTON, Massachusetts — American Tower, a major player in the telecommunications industry, has been downgraded by a financial firm from Outperform to Sector Perform.

The firm set a new price target for the stock at $220, reduced from $260. This change comes as analysts note a decrease in relative implied upside when compared to its peers.

According to the firm, recent commentary from the three largest tower companies regarding carrier activity has been lackluster. There have been no significant changes observed that would suggest a deviation from current expectations for site rental revenue.

The analysts believe that their valuation parameters remain suitable, considering historical multiples for towers in a similar interest rate environment, alongside ongoing pressures from reduced carrier activity as companies acquire spectrum.

The downgrade was published first on a leading source for real-time, market-moving financial news.