Converting to a REIT "adds gravy to a hearty growth story," says analyst Suhail Chandy of Wedbush Securities, who rates the stock as outperform. He doesn't think the stock has peaked despite its recent sharp rise, partly because the REIT transformation, says Chandy, "will open the stock to a new institutional investor base over time." "We expect additional upside" not only from the REIT conversion but from the continued growth of AMT as a leader in the communications tower industry. The next source of growth is its participation in the rollout of the new 4G smartphones by the major telecom carriers, including Verizon (VZ) and AT&T (T), says Chandy. Undoubtedly they will help boost revenues in 2012, he adds. With its widening footprint in the wireless tower industry, American Tower has established huge market positions in the U.S. and in foreign markets.