American Tower (AMT)

• Market cap: $91.7B
• 1 day: 0.86%
• 5 days: -1.63%
• 1 month: -14.37%
• 3 months: -9.91%
• 6 months: 2.31%
• Year to date: -10.22%
• 1 year: 0.29%
• 5 years: -7.93%
• 10 years: 97.36%
• Sector: Financials
• Industry: Real Estate Investment Trusts

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 an REIT.

Employees: 5,643

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

25% more first-time investments, than exits

New positions opened: 197 | Existing positions closed: 158

16% more funds holding in top 10

Funds holding in top 10: 32 [Q2] → 37 (+5) [Q3]

14% more capital invested

Capital invested by funds: $85.5B [Q2] → $97.5B (+$12B) [Q3]

14% more call options, than puts

Call options by funds: $714M | Put options by funds: $627M

2% more funds holding

Funds holding: 1,736 [Q2] → 1,775 (+39) [Q3]

5% less repeat investments, than reductions

Existing positions increased: 652 | Existing positions reduced: 689

3.81% less ownership

Funds ownership: 94.19% [Q2] → 90.38% (-3.81%) [Q3]

Research analyst outlook

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

• Low target: $221 12% upside
• Avg. target: $242 23% upside
• High target: $260 32% upside

7 analyst ratings

• positive: 5 71%
• neutral: 2 29%
• negative: 0 0%

Scotiabank Maher Yaghi 88% 1-year accuracy 7 / 8 met price target	20% upside $236	Sector Outperform Maintained	30 Oct 2024
BMO Capital Ari Klein 63% 1-year accuracy 5 / 8 met price target	25% upside $245	Outperform Maintained	30 Oct 2024
Barclays Tim Long 63% 1-year accuracy 31 / 49 met price target	30% upside $255	Overweight Maintained	10 Oct 2024
Wells Fargo Eric Luebchow 79% 1-year accuracy 34 / 43 met price target	17% upside $230	Equal-Weight Downgraded	10 Oct 2024
JP Morgan Philip Cusick 40% 1-year accuracy 4 / 10 met price target	27% upside $250	Overweight Maintained	23 Sept 2024