Royal Bank Of Canada Increases American Tower (NYSE:AMT) Price Target to $260.00

Key Points

• Royal Bank of Canada raised its price target for American Tower from $250.00 to $260.00, indicating a potential upside of 24.58% based on the company's previous close.
• Several analysts have also made changes to their ratings, with some increasing their price targets while others, like HSBC, downgraded the stock to a "hold" rating.
• Despite recent fluctuations, American Tower reported a quarterly earnings beat, with earnings per share of $2.60, surpassing analysts' expectations of $2.59.

American Tower (NYSE:AMT - Get Free Report) had its price objective increased by equities researchers at Royal Bank Of Canada from $250.00 to $260.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price target suggests a potential upside of 24.58% from the company's previous close.

A number of other analysts have also recently weighed in on the company. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday. Scotiabank raised their target price on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Wells Fargo & Company reduced their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $243.59.

American Tower Stock Down 0.0%

NYSE AMT traded down $0.04 during midday trading on Thursday, hitting $208.70. 1,012,927 shares of the company traded hands, compared to its average volume of 2,617,014. 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 company has a market cap of $97.70 billion, a PE ratio of 75.85, a price-to-earnings-growth ratio of 1.18 and a beta of 0.82. The company's 50-day simple moving average is $218.76 and its 200-day simple moving average is $209.88. American Tower has a 52 week low of $172.51 and a 52 week high of $243.56.

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

Hedge Funds Weigh In On American Tower

Institutional investors have recently added to or reduced their stakes in the company. North Capital Inc. acquired a new position in American Tower in the 1st quarter worth $25,000. Hopwood Financial Services Inc. increased its position in shares of American Tower by 100.0% in the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of American Tower in the 4th quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of American Tower during the 1st quarter valued at about $31,000. Finally, Lowe Wealth Advisors LLC grew its position in shares of American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 109 shares during the last quarter. Institutional investors and hedge funds 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.

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