JPMorgan analyst Richard Choe raised the firm’s price target on American Tower to $250 from $240 and keeps an Overweight rating on the shares. On Friday, the Federal Communications Commission granted EchoStar (SATS) its extension requests, which is positive news for the tower companies. EchoStar committed to increase its 5G sites by 60% to 24,000 by June 14, 2025, the analyst tells investors in a research note. The firm estimates the additional buildout could add up to two percentage points of incremental gross leasing revenue growth for the tower companies by Q2 of 2025. Crown Castle and American Tower also benefit from lower rates and tower stocks historically perform well when the Federal Reserve cuts rates, adds JPMorgan.
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