CFRA Maintains Buy Opinion On Shares Of American Tower Corporation
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our target by $3 to $212, using forward EV/EBITDA of 19.0x our 2024 EBITDA estimate, a discount to AMT’s 22.0x 10-year average due to lower capex spend from major telco’s and a more tempered pace of 5G expansion likely moving forward. We raise our 2023 AFFO estimate by $0.01 to $9.76 and keep 2024 at $10.44. AMT posted Q3 2023 AFFO of $2.58 vs. $2.45, a $0.19 consensus beat on revenues that rose 5.5% Y/Y. Revenue growth was supported by strong organic billings growth of 6.3% and operating profit margins that rose to 67.0% vs. 64.0% Y/Y. Within Towers, organic billings were strongest in Africa (+12.8% Y/Y), followed by Europe (+8.2%), APAC (+6.1%), U.S./Canada (+5.3%), and LATAM (+5.2%). Data Centers also continue to benefit from […]
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