Fri, Sep. 25, 10:32 AM
- American Tower (NYSE:AMT) is up 1.3% as Macquarie's Kevin Smithen reiterates an Outperform rating after a visit to HQ.
- Smithen has a price target on the company of $114; shares are currently trading at $89.15, implying 28% upside.
- “We view AMT as one of the highest-quality companies in the market trading at near trough valuations and we urge value and growth investors to aggressively buy this blue-chip tower bellwether at current levels," he writes.
- Some fears should be alleviated by S&P bumping its outlook on American Tower to stable, from negative, and upcoming analyst-day updates on specific international markets should resolve some worries about emerging-market exposure.
Thu, Sep. 10, 4:43 PM
Fri, Sep. 4, 12:58 PM
- Posting a total return of 2.38% as of August 18, the FTSE NAREIT All Equity REIT index ended up the month with a loss of 5.82%, a slim 18 basis points better than the S&P 500.
- The least-bad sectors were infrastructure REITs - American Tower (NYSE:AMT) and Crown Castle (NYSE:CCI) come to mind - down 1.4% in August and 1.5% YTD, and self-storage REITs - PSA, SSS, CUBE, EXR - down 1.9% in August, but up a big 13.4% YTD (best in sector).
- Hardest hit last month were office REITs - GOV, EQC, BXP, WRE are examples - falling 8.65%.
- Source: REIT Cafe
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Wed, Aug. 19, 11:45 AM
- South Africa's MTN Group (OTCPK:MTNOY -2.5%) is the latest to discuss a major cell-tower sale, having begun talks with tower operator IHS Holding over a possible $2B deal, Bloomberg reports.
- MTN, with 231M subscribers across a 22-market footprint, has about 19,000 sites in South Africa.
- The deal -- in which MTN could retain a large stake in the towers via a joint venture -- is the latest move in a bit of a wireless asset rush in Africa, with firms like Helios Towers Africa and American Tower (NYSE:AMT) looking to build infrastructure
- IHS is Africa's largest independent tower company but may be racing to the deal against American Tower, which had previously expressed interest.
Thu, Aug. 6, 3:39 PM
- American Tower (NYSE:AMT) is up 1.3% after Morgan Stanley, taking a fresh look at telecom towers firms, upgraded the stock to Overweight, from Equal Weight.
- Analyst Simon Flannery set a price target on the shares at $116, up from $101. The stock closed yesterday at $96.68 and is trading today at $97.85. That comes to an 18.5% upside from current prices.
- It's been a slow year for towers firms, he writes, but he likes the group going into 2016, with telecoms expected to re-accelerate spending.
- He holds an existing Overweight rating on SBA Communications (NASDAQ:SBAC) with its price target raised to $151 from $130 (shares are up 0.2% today to $120.97, implying near 25% upside) and an Overweight on Crown Castle International (NYSE:CCI) with a price target of $94 (shares are down 0.4% today to $81.91, implying near 15% upside).
Wed, Jul. 29, 10:08 AM
- American Tower (NYSE:AMT) is off in early action, -2.2%, after Q2 revenue that grew 13.6% missed expectations slightly.
- Net income fell 43.8%, to $129M, mainly due to $75M in one-time debt retirement costs. Total rental and management revenue grew 14.8% (core growth of 23.2%, and organic core growth of about 7.3%).
- Revenue by segment: Domestic rental and management, $803M (up 21.7%); International rental and management, $351M (up 1.6%); Network Development Services, $20M.
- Cash from operations fell 3.3% to $1.036B for the first half.
- AMT raised its full-year guidance on AFFO to $2.095B-$2.135B (midpoint up 16.5%); adjusted EBITDA of $3.02B-$3.06B (midpoint up 14.7%); and total rental and management revneue of $4.645B-$4.695B (midpoint up 16.6%). Net income is expected at $705M-$735M (midpoint down 10.4%).
- That outlook includes a one-time charge of $92M it expects to take after filing a tax election after which Global Tower Partners REIT wouldn't operate as a separate REIT for tax purposes.
- Press Release
Wed, Jul. 29, 7:02 AM
Tue, Jul. 28, 5:30 PM
- ACCO, ADT, AMED, AMT, ANTM, APO, AVY, BAH, BDC, BEN, BGCP, BOKF, CARB, CBG, CDK, CFR, CHH, CLF, CRI, DATA, DIN, DORM, DXYN, ESIO, ETN, EVER, EXC, FDML, FLY, GCI, GD, GEL, GIB, GRA, GRMN, GT, GTI, HCBK, HES, HLT, HSIC, HSP, HTA, HUM, HUN, IP, IRT, JAH, JLL, LFUS, LVLT, MA, MDCO, MO, MTH, MTOR, MVIS, NOC, PAG, PCG, PX, Q, RES, ROK, ROL, SAIA, SLAB, SNCR, SO, SONS, SPIL, SPR, SPW, SSE, STNG, STRA, STRZA, TGI, TRI, UBSI, UMC, VNTV, WEC, WEX, WILN, WOOF
Fri, Jul. 10, 11:18 AM
- American Tower (NYSE:AMT) is up 1% as Pacific Crest boosts its price target to $116, from $114.
- Shares closed yesterday at $94.37 and are currently up to $95.32. Pacific Crest maintains an Overweight rating on the stock.
- The analysts point to its $1.05B acquisition of 4,700 towers from Bharti Airtel in noting that international expansion is critical to American Tower's growth.
- AMT expects international operations to increase organic core revenue 10%, Pacific Crest says.
Mon, Jul. 6, 7:01 PM
- Bharti Airtel (OTC:BHRQY) has sold its towers in five African countries for almost $1.3B, which it says it will use to reduce debt.
- The move is an early phase in what will be tower divestment in 13 African countries. The company closed on agreements with Helios Towers Africa for Chad and Tanzania, and with American Tower (NYSE:AMT) on 4,700 sites in Nigeria.
- Bharti Airtel had 18,819 sites across African operations at last report, with 76.26M subscribers that generated Q1 revenues of $1B.
Mon, Jun. 29, 5:46 PM
- Comcast (NASDAQ:CMCSA) and Twenty-First Century Fox (FOX, FOXA) top the media picks on Barclays' top picks list out today, and SBA Communications (NASDAQ:SBAC) leads the firm's telecom sector picks.
- Comcast has an EV smaller than Disney's -- but an EBITDA 60% larger, as well as comparable free cash flow and EBITDA growth, and is the only vertically integrated media play, Barclays says. It has a $68 price target; shares finished today -1.7% to $59.98.
- Fox, meanwhile, has "the most attractive name" in Barclays' media and advertising coverage; risks over downward guidance revisions and the Murdoch transition are well understood, and the company is outpacing others on growth and has exposure to key international markets. Barclays' price target: $39; FOXA closed today -2% to $32.29.
- SBAC, meanwhile, replaces American Tower (NYSE:AMT) as Barclays' top telecom pick, in part due to the company's buyback authorization. With industry fundamentals improving, the bank expects SBAC to deliver AFFO growth of 15%-20% per year, better than peers, and it sees 15% share price upside. The price target is $136; SBAC finished today -1.4% to $115.62.
Wed, Jun. 17, 3:13 PM
- Macquarie Group is the latest in talks to acquire Brazilian cell tower operator Grupo TorreSur, with a reported bid that exceeds $1B including debt.
- A Macquarie infrastructure fund joins American Tower (NYSE:AMT) as a suitor for the tower company, which is now in a full-fledged sale process run by Providence Equity Partners.
- Grupo TorreSur owns and operates more than 6,000 towers in Brazil.
- Previously: Crown Castle closes $1.6B sale of Australian unit (May. 28 2015)
Fri, May 22, 11:46 AM
- India cellular operator Idea Cellular (OTC:ICLQY) is looking at reducing a debt of 140B rupees ($2.21B) with a sale of its 11,000 cell towers for 75.8B rupees ($1.2B), with three potential buyers: Axiata Group (OTCPK:AXXTF), Bharti Infratel (OTC:BHRYY), and American Tower (NYSE:AMT).
- Idea's towers have been the subject of several deal attempts over the past few years.
- The new talk comes as tower sales heat up worldwide, including Telecom Italia's plans to sell 40% of its Inwit subsidiary, and America Movil's spinoff of its towers unit.
- American Tower closed its $5B tower-site takeover from Verizon in March.
- Previously: Advisers: TI's towers stake could draw €970M (May. 22 2015)
Mon, May 4, 6:13 PM
- American Tower (NYSE:AMT) has priced $1.5B in senior unsecured notes.
- Notes due 2020 (principal amount of $750M) priced at 2.8%, issued at 99.745% of face, and $750M in notes due 2025 priced at 4% and are being issued at 99.228% of face value.
- The company will use proceeds to repay obligations in its 2013 credit facility.
Thu, Apr. 30, 8:53 AM
- American Tower (NYSE:AMT) is up 0.7% premarket after a Q1 report where funds from operations rose 17% and revenue jumped nearly 10% to crest $1B.
- EBITDA of $723.7M was up 13% and beat expectations of $693.5M.
- Revenue by segment: Domestic rental and management, $718M (up 12.9%); International rental and management, $344M (up 6.2%); Network development services, $17M.
- Net leverage ratio of about 5.3x net debt to annualized EBITDA. About $2.7B in total liquidity at quarter's end.
- The company raised full-year guidance, including impacts of its integration of towers in the Verizon transaction (which closed March 27) and a first tranche of TIM Brazil sites (which closed April 29). It raised revenue expectations by $290M to $4.555B-$4.605B (on the low side of expected $4.723B).
- Adjusted EBITDA guidance was raised $150M to $2.99B-$3.03B, just light of expected $3.022B.
- Press release
Thu, Apr. 30, 7:14 AM
AMT vs. ETF Alternatives
American Tower Corp is an owner, operator and developer of wireless and broadcast communications real estate. The Company's main business is leasing antenna space on multi-tenant communications sites to different providers.
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