With a market cap of $88.2 billion, American Tower Corporation (AMT) is a leading global real estate investment trust (REIT) specializing in wireless and broadcast communications infrastructure. Headquartered in Boston, Massachusetts, American Tower owns, operates, and develops thousands of communications sites across the U.S. and internationally.
Shares of American Tower have underperformed the broader market over the past 52 weeks. AMT has declined 2.4% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 20.7%. However, in 2025, AMT is up 3.5% compared to SPX’s 3.1% gain on a YTD basis.
Narrowing the focus, AMT has also lagged behind the Real Estate Select Sector SPDR Fund’s (XLRE) 9.4% gains over the past year.
AMT stock dropped 4.2% following the release of its Q3 earnings on Oct. 29, which fell short of market expectations. Total revenues amounted to $2.52 billion, missing the consensus estimate of $2.76 billion and showing flat growth year-over-year. However, funds from operations (FFO) increased by 2.3% annually to $2.64 per share, surpassing the consensus forecast of $2.54 per share.
The company reported a 1% decline in total property revenue, bringing it to $2.47 billion. Net income significantly dropped 235.2%, reflecting substantial headwinds during the quarter. Adjusted EBITDA declined marginally to $1.7 billion, highlighting ongoing challenges in maintaining operational growth.
AMT is expected to release its fiscal Q4 earnings results before the market opens on Tuesday, Feb. 25. For fiscal 2024, which ended in December, analysts expect AMT’s FFO to grow 2.7% year-over-year to $10.14 per share. The company’s earnings surprise history is robust. It met the consensus estimates in the last four quarters.
AMT stock has a consensus “Moderate Buy” rating overall. Out of the 22 analysts covering the stock, 15 recommend a “Strong Buy,” one advises a “Moderate Buy,” and six suggest a “Hold” rating.
This configuration is more bullish than two months ago when 14 analysts had an overall “Strong Buy” rating.
On Feb. 4, Ari Klein from BMO Capital maintained a “Buy” rating on American Tower with a price target of $210, implying a potential upside of 10.6%.
AMT’s mean price target of $225.63 represents a premium of 18.8% to current price levels. Meanwhile, the Street-high target of $255 suggests a potential upside of 34.3%.
