Benchmark Capital Raises Its PT On American Tower Ahead Of Earnings Release

An enhanced focus around wireless spectrum could accelerate tower demand via new networks. Tower valuation remains within the historical range with support from American Tower's AMT planed conversion to a REIT next year. Benchmark Capital raise its AMT price target $10 to $65 per share. Benchmark's rating is Buy. Call for a nationwide emergency services network has resurfaced. The D Block of 700 MHz spectrum was set aside for a public safety network. The development of this new nationwide network would be a meaningful positive for towers. But government-related uncertainty remains. Benchmark continues to believe that T-Mobile should determine its 4G network strategy soon in order to maintain its competitive position. Partnering with LightSquared would add meaningful incremental tower demand. Acquiring spectrum would enable a network overlay. Working with Clearwire would accelerate that network. Benchmark expects site rental revenue of $523 million with organic revenue growth remaining around 8%, and EBITDA of $361 million. AMT is trading lower at $55.70