With a market cap of $103.1 billion, Boston, Massachusetts-based American Tower Corporation (AMT) is a global leader in the communications real estate industry. It owns, operates, and develops over 224,000 communications sites, providing multitenant infrastructure solutions for wireless carriers and network providers worldwide. The company is expected to announce its fiscal Q3 earnings results before the market opens on Tuesday, Oct. 29.
Ahead of the event, analysts expect the wireless communications infrastructure company to report a FFO of $2.50 per share, down 3.1% from $2.58 per share in the year-ago quarter. However, the company has surpassed Wall Street's bottom-line estimates in the past four quarters. In the most recent quarter, the company exceeded the consensus estimate by a 14.3% margin.
For fiscal 2024, analysts expect AMT to report an FFO of $10.13 per share, up 2.6% from $9.87 per share in fiscal 2023.
AMT has surged 37.4% over the past 52 weeks, outperforming both the S&P 500 Index's ($SPX) 32.5% rise and the Real Estate Select Sector SPDR Fund's (XLRE) 25.9% increase over the same period.
Shares of American Tower rose 3.8% on Jul. 30 due to the company's stronger-than-expected Q2 FFO of $2.79 per share and revenue of $2.9 billion. This growth was driven by increased demand for its leasing services as telecom carriers expanded their 5G infrastructure. The company also raised its full-year AFFO forecast to a range of $10.48 per share to $10.72 per share, signaling continued growth.
Analysts' consensus view on American Tower stock is bullish, with a "Strong Buy" rating overall. Among 20 analysts covering the stock, 15 recommend a "Strong Buy," one suggests a "Moderate Buy," and four give a "Hold" rating. This configuration has remained steady over the past three months. The average analyst price target for AMT is $238.17, suggesting a potential upside of just 9.2% from the current levels.
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On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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