Ahead of the Bell: RBC upgrades tower operators

Jonathan Atkin upgraded shares of American Tower Corp., Crown Castle International Corp. and SBA Communications Corp. to "Outperform" from "Sector Perform" in a series of client notes.

Shares of all three have declined between 12 and 13 percent since he downgraded the stocks in early June, he said, making their current prices more appealing.

Atkin said his outlook on the tower-operating sector remains favorable thanks to positive site-leasing trends and expansion among emerging wireless carriers.

In addition, tower operators are less susceptible than telecommunications carriers to the broader economic downturn, he said.

Atkin left his price targets and earnings estimates on the companies unchanged.

Shares of American Tower fell $1.22, or 3 percent, to close Wednesday at $39.36. Crown Castle gave up $1.11, or 3 percent, to end at $36.20. SBA lost $1, or 3 percent, to finish at $32.87.