Movement Alert|American Tower Rises 4.36% in Pre-Market Trading, Bernstein Upgrades Rating to Outperform

Market Focus
05/22

On May 22, American Tower rose 4.36% in pre-market trading, trading at $183.4/share, with trading volume of $103,500.

On the news front, Bernstein upgraded American Tower from Market Perform to Outperform, setting a target price of $207, implying approximately 13% upside from the current level. According to FactSet, analysts have an average rating of Overweight on the stock with a mean target price of $216.14, suggesting further room for appreciation. Additionally, the company has filed with the U.S. Securities and Exchange Commission to issue euro-denominated senior notes, with the specific size yet to be disclosed, indicating the company is actively diversifying its financing channels.

Within the Telecom Tower REITs sector, SBA Communications Corp rose 0.6%, while Crown Castle traded flat.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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