J.P Morgan Gives Color On American Tower Following Earnings Report

American Tower AMT reported a solid 4Q10 and gave 2011 guidance, mostly inline with expectations. The domestic business continues to perform well with AT&T and Verizon driving leasing revenue growth of 14% in 4Q10 vs 13% y/y growth in 3Q10, and it expects continued strength from T and VZ in 2011. The international business has reached 22% of total leasing revenue and grew 47% in 4Q10. 2011 could be AMT's strongest year yet for its international business with 4,000 more sites to be acquired and 800+ builds driving international sites to ~50% of total from 40% in 4Q10. J.P Morgan reiterates its OW rating and $60 PT. The company has heavily invested in acquiring, building and expanding headcount in its international business. For 2011, AMT expects to acquire 4,000 sites, build 800+ more and potentially bring its international site mix to ~50%. International revenue of $116m was up from $100m in 3Q10 and $76m in 4Q09. AMT's international segment now comprises 40% of sites, 22% of revenue and 19% of GM. AMT closed Wednesday at $51.85