American Tower (AMT)

• Market cap: $101B
• 1 day: -1.33%
• 5 days: 1.27%
• 1 month: 5.31%
• 3 months: 3.38%
• 6 months: 8.95%
• Year to date: 18.65%
• 1 year: 9.16%
• 5 years: -18.17%
• 10 years: 132.82%
• Sector: Real Estate
• Industry: Specialty REIT

About: American Tower owns and operates more than 220,000 cell towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 28 data centers in 10 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for almost half of the company's total revenue in 2023. Outside the US, American Tower operates over 75,000 towers in India, almost 50,000 towers in Latin America (dominated by Brazil), 30,000 towers in Europe, and nearly 25,000 towers in Africa. American Tower operates as a REIT.

Employees: 4,691

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

102% more call options, than puts

Call options by funds: $729M | Put options by funds: $361M

58% more first-time investments, than exits

New positions opened: 193 | Existing positions closed: 122

36% more funds holding in top 10

Funds holding in top 10: 28 [Q4 2024] → 38 (+10) [Q1 2025]

17% more capital invested

Capital invested by funds: $79.4B [Q4 2024] → $93.3B (+$13.9B) [Q1 2025]

2% more funds holding

Funds holding: 1,762 [Q4 2024] → 1,796 (+34) [Q1 2025]

0.77% less ownership

Funds ownership: 92.53% [Q4 2024] → 91.76% (-0.77%) [Q1 2025]

5% less repeat investments, than reductions

Existing positions increased: 681 | Existing positions reduced: 717

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $223 4% upside
• Avg. target: $247 15% upside
• High target: $260 21% upside

8 analyst ratings

• positive: 8 100%
• neutral: 0 0%
• negative: 0 0%

RBC Capital Jonathan Atkin	16% upside $250	Outperform Maintained	1 May 2025
Scotiabank Maher Yaghi	15% upside $248	Sector Outperform Maintained	30 Apr 2025
Wells Fargo Eric Luebchow	12% upside $240	Overweight Maintained	30 Apr 2025
JMP Securities Greg Miller	21% upside $260	Market Outperform Maintained	30 Apr 2025
Raymond James Ric Prentiss	17% upside $251	Strong Buy Maintained	30 Apr 2025