Following a bullish statement on the macro tower market by Raymond James analyst Rick Prentiss yesterday, American Tower (AMT) stock jumped 8.4 percent. Raymond James gave AMT an Outperform rating, up from Market Perform, according to Seeking Alpha. Prentiss said macro towers in the U.S. are the “best business we have ever seen.” The upgrade was based on what Prentiss saw as the resiliency of the industry during tough times and tower stocks that are not just in-line with, but slightly ahead of April 2019 despite the current pandemic conditions.
SBA Communications (SBAC +4.8 percent) and Crown Castle International (CCI +4.5 percent) also saw big upticks following the report. Crown received a Market Perform rating.
Prentiss said his team was bullish on upcoming 5G rollout plans and the almost-complete Sprint/T-Mobile merger. “We are highly confident that the dividends/share are safe and likely to keep increasing at past rates,” he said. Sprint (S) was up 3.6 percent on Wednesday and T-Mobile (TMUS) up 3.3 percent.
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