Deutsche Bank Reiterates Buy Rating On American Tower Corp

According to Deutsche Bank, American Tower AMT Buy rating is reiterated. Deutsche Bank said that AMT reported solid 1Q11 results that beat ests on all key metrics and increased its outlook to reflect an additional 1,500+ international tower acquisitions. “We expect guidance to continue trending higher as AMT closes on an 500-1,500 tower acquisitions that are not yet included in its 2011 outlook. AMT also allocated $123M toward buybacks, up from $75M in 4Q, and indicated that it received a favorable "private letter ruling" from the IRS related to its pot'l REIT conversion on 1/1/12. We reiterate BUY on strong demand trends and valuation.” American Tower closed yesterday at $52.52.