American Tower Has Increased Outlook For 2010

Collins Stewart has published a research report on American Tower Corporation AMT following a strong quarter with further international expansion. In the report, Collins Stewart writes "Last Friday, Buy rated American Tower reported stronger than expected 3Q10 results with revenue of $513.3mm (+15.6% y/y) vs. our $495.5mm (+11.6% y/y) and adjusted EBITDA margin of 68.2% compared to our 67.6% estimate. However, we note that financial performance was aided by contract modifications and FX, partially offset by expected churn. Adjusted for these one-time items, both revenue and EBITDA would have been in line with our expectations." Collins Stewart maintains its Buy rating and $57 price target. American Tower Corporation closed Friday $51.92.