American Tower Corporation (AMT) has been a big topic of conversation of the stock market world recently. On Monday, October 14th, Deutsche Bank gave AMT an “outperform” rating. Yesterday, Goldman Sachs Group assigned American Tower a “buy” rating. With all the chatter about the success of their stock increasing, Jim Cramer has had a few things to say about whether or not you should invest in the company.
Jim Cramer is the host of CNBC’s “Mad Money.” He shares his knowledge of Wall Street investing. Cramer is a former hedge fund manager and founder/owner and senior partner of Cramer Berkowitz. His compounded rate of return was 24 percent after all fees for 14 years at Cramer Berkowitz. During the “Mad Money Lightning Round” on Tuesday night when viewers call in to ask about certain stocks, Cramer’s response to AMT was “I like American Tower. I don’t want to buy it, but I’ll hold it.”
“Goldman Sachs blesses” American Tower by reiterating it as a buy,” Cramer said, adding that the last thing we heard about the company involved accounting issues. AMT was 3.2% higher at $77.12. AMT’s 52-week high is $85.26 and their 52-week low is $67.89. American Tower released their 2013 Q2 earnings on July 31, 2013. They reported a core growth of 18.1% with a total rental and management revenue growth of 15.7%. The company expects the new business and core organic growth trends to remain favorable due to the carriers deploying networks worldwide.