Bank of America Provides Color on American Tower, Buy

Bank of America provided color on American Tower AMT. In a research report published today, Bank of America commented on the company's Q2 results, which are due to be published on Tuesday, August 2. In the report, Bank of America states, “We expect AMT to update 2011 guidance to reflect the recent closing of deals in its acquisition pipeline. Our '11 rental and mgmt revenue is $2.33b, at the high end of $2.30-2.34b guidance and our '11 adj. EBITDA is $1.56b, again at the high end of $1.53-1.57b guidance. Our estimates are at the high end of AMT's outlook as a result of including in our model acquisitions in AMT's pipeline that are expected to close by year-end but are excluded from current guidance.” At the moment, the rating agency has a Buy rating and a price target of $65 placed on the company's stock. On Friday, AMT closed the day at $52.53.