
American Tower (AMT) Stock Forecast & Price Target
American Tower (AMT) Analyst Ratings
Bulls say
American Tower is viewed favorably because its portfolio is increasingly concentrated in developed markets, with over 70% of property NOI and a greater share of AFFO coming from the US, Europe, and CoreSite data centers that are positioned to benefit from AI, cloud, and digital transformation demand. Its financial profile also appears strong, with leverage now below 5x and AFFO/share expected to improve from about +3% this year to +5% in 2027E and +7% in 2028E, helped by easing churn from DISH in the US and M&A-related churn in Latin America. In addition, management’s planned 700+ new builds in Europe, returns above WACC by about 200 bps, and rising CoreSite capacity support durable organic growth and optional buyback capacity.
Bears say
American Tower is facing a weaker risk-reward profile because its tower cash flows are increasingly exposed to concentrated carrier spending, with gross and net organic tenant billings growth falling to 6.4% and 1.7% due to DISH churn, while potential declines in US wireless capex could further slow leasing demand. The company also faces meaningful operating and financial pressure from incremental volatility in Latin America and Africa, FX and M&A churn, and about $2.2B of debt maturities in 2026 that create an estimated 100 bp AFFO/share headwind from refinancings. Although CoreSite remains strong with ~18% growth and 2026 revenue guidance support, margin volatility, higher WACC, and lower peer multiples justify a cautious view despite AFFO/share estimates of $11.06, $11.63, and $12.46 for 2026E-2028E.
This aggregate rating is based on analysts' research of American Tower and is not a guaranteed prediction by Public.com or investment advice.
American Tower (AMT) Analyst Forecast & Price Prediction
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