Wells Fargo & Company Lowers American Tower (NYSE:AMT) Price Target to $230.00

American Tower (NYSE:AMT) had its price target dropped by research analysts at Wells Fargo & Company from $240.00 to $230.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.37% from the company’s previous close.

Several other research firms have also issued reports on AMT. Royal Bank Of Canada boosted their price target on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Barclays raised their price objective on American Tower from $223.00 to $246.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research note on Wednesday. Morgan Stanley assumed coverage on American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective on the stock. Finally, Raymond James Financial raised their price objective on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $243.88.

American Tower Stock Performance

AMT stock opened at $208.39 on Wednesday. The company has a market cap of $97.55 billion, a P/E ratio of 75.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.82. 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 3.36, a current ratio of 0.95 and a quick ratio of 0.81. The stock’s fifty day moving average price is $218.73 and its 200-day moving average price is $210.09.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period last year, the business posted $2.79 EPS. On average, equities analysts forecast that American Tower will post 10.14 earnings per share for the current year.

Institutional Investors Weigh In On American Tower

Several large investors have recently made changes to their positions in AMT. Nuveen LLC bought a new stake in shares of American Tower in the first quarter worth about $991,525,000. Cohen & Steers Inc. increased its holdings in shares of American Tower by 21.8% in the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Capital World Investors increased its holdings in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of American Tower by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust’s stock worth $1,772,144,000 after purchasing an additional 2,309,627 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Company Profile

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.