American Tower assumed with an Overweight at Morgan Stanley

Morgan Stanley assumed coverage of American Tower (AMT) with an Overweight rating with a price target of $250, up from $213, as part of a broader research note titled “Drafting for Defense”. The U.S.Tower industry is mature, but it continues to offer mid-single-digit and eventually high-single-digit AFFO/share growth over time, the analyst tells investors in a research note. In an environment of slowing growth and falling rates, the group will benefit, as evident by the 14% year-to-date gains for U.S. Towers, the firm adds. Morgan Stanley also believes that 2025 will be a low-point for net organic revenue growth for the industry, as carrier investment picks up and consolidation churn and FX headwinds fade.