UBS Cuts Communication Towers (AMT, CCI)
UBS has downgraded the US communications towers sector this morning, in a similar move seen just two days ago from RBC Capital. The firm has downgraded Crown Castle (NYSE: CCI) and American Tower (NYSE: AMT). UBS had both companies covered…
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UBS has downgraded the US communications towers sector this morning, in a similar move seen just two days ago from RBC Capital. The firm has downgraded Crown Castle (NYSE: CCI) and American Tower (NYSE: AMT). UBS had both companies covered with Buy ratings and the new ratings are now Neutral. As one cellular carrier gets rolled up into another, it lowers the number of customers for the communication towers operators. Even though they likely keep the same number of end users, the transfers to a larger carrier ultimately generate lower "per user" revenues.
Jon C. Ogg
June 6, 2008
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