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Linked here's a comprehensive article on AMT.

It is a bullish case.

IMHO here's 3 reasons explaining what's happening to the current price...

1. AMT became an REIT this year or last year(?). Mr. Market is treating AMT as a typical REIT - subject to downturn when interest rates go up (which they are now), and general REIT's suffer. AMT is, however, not a typical REIT.

2. AMT is, however, taking on more debt and the market may be worried about this. AMT already has 8.8B in LTD. Cash flow is healthy and current ratio remains strong.

AMT management says the new debt's for growth via acquisition.. On Wednesday, American Tower (NYSE: AMT ) issued a press release saying it has "announced the pricing the of its registered public offering of senior unsecured notes due 2019 and 2024," in the amounts of $750 million and $500 million, and with interest rates of 3.4% and 5%, respectively.

Altogether, after deducting underwriting discounts and estimated offering expenses, this should net the company just under $1.24 billion.

Also according to the release, American Tower plans on using its new cash to "repay existing indebtedness incurred under the 2013 Credit Facility and/or other credit facilities, finance recently announced acquisitions and for general corporate purposes.

More in this article...

3. and back in July AMT reported "revenue rose 15.9% to $808.8 million, versus an expected $814.7 million." Earnings were on target at 0.52/shr. But with a price in the $70's, a P/E ratio well over 30 and EV/S @ 10+, AMT is priced for big growth. So this small disappointment hurt big time.

Many of us think AMT is, long term, going to come through with the big growth, especially internationally, where cell techonology is the only way people will communicate. Mr. Market isn't as patient as we are.

Long AMT
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