Citi Comments on American Tower Corp After 2Q

Citi has published a report on American Tower Corp covering 2Q results for the company.

In the report, Citi wrote, "AMT reported solid 2Q results with better normalized site leasing revenue and OIBDA vs. our estimates and consensus that partly benefitted from a faster pace of international expansion. We remain a Buyer of AMT based on rising exposure to faster-growing International markets, likely conversion to a REIT structure for 2012, & room to improve shareholder returns by using its relatively low financial leverage to fuel additional share repurchases and asset acquisitions over the next year."

Citi rated American Tower Corp a High Risk BUY with a price target of $63.00. American Tower Corp closed Tuesday at $50.50.