NEW YORK (TheStreet) -- Deutsche Bank began coverage of American Tower Corp. (AMT) - Get Report stock with a "buy" rating and $104 price target as the firm initiated coverage of the U.S. Telecom Services sector.
The Boston-based company is an independent owner, operator and developer of communications real estate.
"Global expansion preserves longer-term AFFO growth sustainability, as AMT diversifies market/carrier customer exposure better than peers," Deutsche Bank said in an analyst note.
The firm's positive view on the stock is due to its unmatched scale, which positions it to become an infrastructure provider of choice for top global telecommunications in the long-term, its peer-leading share growth and a rapidly growing dividend.
Additionally, American Tower represents a unique way to invest in the global mobility theme, with exposure to a blend of mature, emerging and developing markets where wireless broadband is in the early stages, Deutsche Bank added.
Shares of American Tower are down 0.57% to $87.52 on Wednesday morning.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks."
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins.
However, as a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AMT