Citigroup's Teleconomy Update: Buy AMT

Citigroup has published its Teleconomy 2010 Wireless update report, stating:

"We are refreshing our valuation framework given the prospect for the tower stocks to benefit from: 1) the increasing likelihood for tower companies to retain tax efficiency by using a REIT structure beginning with
American Tower as soon as the 2012 tax year; 2) the year-to-date strength in REIT valuations (up 14%) relative to the S&P 500 (up 2%) that includes some multiple expansion for Data Center REITs that we view as comparables; & 3)
expectation for interest rates to remain low over the next 6-12 months."

Citigroup includes American Tower Corporation (NYSE: AMT), Crown Castle International Corp. (NYSE: CCI), and SBA Communications Corporation (NASDAQ: SBAC), and of the group prefers Buy-rated American Tower Corporation.

American Tower Corporation closed yesterday at $50.58.