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
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Posted In: Analyst ColorPrice TargetAnalyst RatingsTelecommunication ServicesWireless Telecommunication Services
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