American Tower Corporation (NYSE:AMT) is included among the Dividend Stock Portfolio For Retirement: Top 12 Stock Picks.
Photo by Viacheslav Bublyk on Unsplash On May 19, Bernstein upgraded American Tower Corporation (NYSE:AMT) to Outperform from Market Perform while maintaining its $207 price target
The firm said the market was overstating the company’s risks and not fully recognizing its upside potential. The analyst noted that the stock was trading at a five-year low multiple and described the current setup as “this is the moment” to buy the shares. Bernstein also discussed the potential impact of satellite technology on the tower industry.
The firm argued that direct-to-device satellite plans would still need either low-band terrestrial deployment or a mobile virtual network operator partnership to compete effectively with nationwide wireless services. According to the analyst, both scenarios could benefit tower companies. On April 30, Truist Securities analyst Matthew Niknam raised the firm’s price recommendation on American Tower to $208 from $205.