Raymond James Forecasts Strong Price Appreciation for American Tower (NYSE:AMT) Stock

American Tower (NYSE:AMT) had its target price raised by equities research analysts at Raymond James from $231.00 to $251.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the real estate investment trust’s stock. Raymond James’ price target would indicate a potential upside of 11.89% from the company’s previous close.

A number of other analysts have also recently commented on AMT. Scotiabank reiterated an “outperform” rating on shares of American Tower in a research note on Tuesday, April 22nd. Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 10th. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. JMP Securities assumed coverage on American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. Finally, UBS Group raised their price objective on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Buy” and an average price target of $239.27.

American Tower Price Performance

AMT opened at $224.33 on Wednesday. The firm has a market capitalization of $104.86 billion, a PE ratio of 94.65, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87. The business’s 50-day moving average is $213.19 and its two-hundred day moving average is $202.25. American Tower has a 1 year low of $172.51 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.79 earnings per share. Research analysts anticipate that American Tower will post 10.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On American Tower

A number of hedge funds have recently bought and sold shares of the business. Elmwood Wealth Management Inc. lifted its position in shares of American Tower by 2.5% during the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock valued at $454,000 after buying an additional 50 shares in the last quarter. 4J Wealth Management LLC lifted its holdings in American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 50 shares in the last quarter. Coyle Financial Counsel LLC grew its position in shares of American Tower by 2.4% in the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust’s stock valued at $487,000 after purchasing an additional 53 shares during the period. Glenview Trust co increased its stake in American Tower by 0.8% during the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after buying an additional 54 shares in the last quarter. Finally, CreativeOne Wealth LLC increased its position in shares of American Tower by 2.1% during the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock worth $477,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.