The Goldman Sachs Group Issues Pessimistic Forecast for American Tower (NYSE:AMT) Stock Price

American Tower (NYSE:AMT) had its price objective cut by investment analysts at The Goldman Sachs Group from $260.00 to $234.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 18.68% from the company’s current price.

Several other equities analysts also recently weighed in on AMT. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Barclays cut their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. Finally, Royal Bank of Canada boosted their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Price Performance

Shares of NYSE AMT opened at $197.17 on Thursday. The company’s fifty day moving average is $210.92 and its two-hundred day moving average is $213.17. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market capitalization of $92.14 billion, a P/E ratio of 83.19, a PEG ratio of 1.33 and a beta of 0.83. American Tower has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the business posted $2.58 earnings per share. Analysts forecast that American Tower will post 10.08 EPS for the current fiscal year.

Hedge Funds Weigh In On American Tower

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC raised its position in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at about $27,000. Northwest Investment Counselors LLC acquired a new position in American Tower during the 3rd quarter worth approximately $30,000. Cultivar Capital Inc. purchased a new position in American Tower in the 2nd quarter worth approximately $25,000. Finally, Hara Capital LLC acquired a new stake in American Tower in the third quarter valued at approximately $31,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.