MoffettNathanson Sees Potential Upside to US Tower Players
The demise of a T-Mobile/Sprint deal sent stocks of major tower companies to record highs, but they remain a good investment, MoffettNathanson’s Nick Del Deo wrote investors Tuesday. He warned of possible trouble ahead. “The stocks are trading at their…
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all-time highs and everybody and their mother knows that 2018 is shaping up to be a healthy year for domestic leasing,” he wrote. “Qualitatively, that doesn’t sound like a terribly attractive setup and would suggest downgrading the names to Neutral would be appropriate. In fact, that was our going-in bias when we started authoring this report. However, after running through the numbers and updating our models, we still don’t think it’s time.”