Bernstein SocGen Group upgraded American Tower (AMT) to Outperform from Market Perform. The firm established a new price target of $207.00.
Analysts believe market concerns regarding direct-to-device satellite competition are overstated. These satellite plans will still require terrestrial tower deployments or partnerships.
American Tower improved its financial position by reducing floating-rate debt exposure. The company also secured a strengthened credit rating.
Bernstein removed Dish churn from its financial model as American Tower pursues litigation to recover revenues. A $2.4 billion FCC escrow fund serves as a floor for potential recovery.