American Tower Corporation (NYSE: AMT) had its price target boosted by Piper Jaffray to $79.00 in a research report released on Thursday morning.
“We are raising our FY13 revenue estimate 6.3% to $3.260B, as we include 883 towers acquired in Mexico and the construction of 2,500 new towers during 2013. Our FY13 adjusted EBITDA forecast goes to $2.125B from $2.008B. Finally, we’re raising our adjusted funds from operations forecast 8.8% to $1.402B. However, we’re reducing our FY13 EPS estimate to $2.09 from $2.16 due to below the line items, including higher D&A and interest expense.,” Piper Jaffray’s analyst commented.
Shares of American Tower Corporation traded up 0.23% during mid-day trading on Thursday, hitting $78.31. American Tower Corporation has a one year low of $61.27 and a one year high of $79.98. The stock’s 50-day moving average is currently $76.90. The company has a market cap of $30.940 billion and a P/E ratio of 48.83.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of American Tower Corporation from $91.00 to $93.00 in a research note to investors on Thursday. They now have an outperform rating on the stock. Separately, analysts at TheStreet reiterated a buy rating on shares of American Tower Corporation in a research note to investors on Wednesday, February 27th. Finally, analysts at S&P Equity Research raised their price target on shares of American Tower Corporation from $84.00 to $85.00 in a research note to investors on Wednesday, February 27th.
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