J.P. Morgan Reiterates OW Rating, $60 PT On AMT

J.P. Morgan reports that it came away from meetings with American Tower Corp. AMT CEO James Taiclet and CFO Tom Barlett with an “incrementally more positive view of American Tower and the current environment for the tower industry.”

“AT&T T and Verizon VZ are driving core US leasing revenue growth for American Tower with 3G and 4G builds,” J.P. Morgan writes. “Sprint Nextel and T-Mobile along with other regionals should ramp spending soon, and 4G adoption should sustain long-term wireless and tower industry growth.

“The company's international business is gaining scale and could make up 25% of revenues in 2011. We reiterate our OW rating on American Tower and $60 price target.”

American Tower Corp. closed Friday at $53.07.