Guggenheim Securities LLC analyst initiated coverage of AmericanTower Corp. (REIT) with a rating of "neutral."
Theanalyst wrote in a research report: "AMT is a leading global provider oftower infrastructure – with operations in 14 countries. With 44% of siteleasing revs coming from outside the U.S., AMT is the most diversified playerin the industry - a factor which, in recent years, has allowed the company tooffset slowing organic domestic growth (16E of ~6%) with faster, earlier cycle,organic international growth (16E of ~13%). AMT generates a significant amountof excess cash (plus incremental leverage on EBITDA growth) - which, whendeployed, should add to expected growth rates (we estimate ~$3B of investiblecapacity in 2017). AMT currently trades in the middle of peers (17.0x 17E towerAFFOps vs. CCI at 18.1x and SBAC at 15.2x), while having the highest totalreturn profile (17E of 15.8% vs. CCI at 10.3% and SBAC at 12.6%)."