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Tower REITs drop as Raymond James tempers enthusiasm

Published 06/12/2017, 10:16 AM
© Reuters.  Tower REITs drop as Raymond James tempers enthusiasm
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  • Cell tower REITs are lower this morning after Raymond James backed off a bit from heavy bullishness, noting that some earlier optimism has showed up in strong stock performance.
  • The firm has downgraded American Tower (AMT -1.9%) and SBA Communications (SBAC -2.1%) to Outperform, from Strong Buy. It also went to Market Perform from Outperform on Crown Castle International (CCI -0.6%).
  • Crown Castle is up 16.8% YTD; AMT is up 21.6% in that time frame and SBAC up 27.2%.
  • While Raymond James' Ric Prentiss is still long-term bullish, with sector activity increasing amid heavy appetites for mobile data, he wouldn't be surprised if the next catalyst comes via negatives from a Sprint/T-Mobile deal.
  • Now read: 4 Dividend Increases: May 29-June 2, 2017


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