American Tower Corporation (AMT), headquartered in Boston, Massachusetts, is an independent owner, operator, and developer of multitenant communications real estate, with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities. Valued at $98.35 billion by market cap, the company also provides customized collocation solutions through its in-building systems, outdoor distributed antenna systems, and other right-of-way options, managed rooftops, and services that speed network deployment. The leading global REIT is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Tuesday, Jul. 30.
Ahead of the event, analysts expect AMT to report an FFO of $2.43 per share on a diluted basis, down 1.2% from $2.46 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports.
For fiscal 2024, analysts expect AMT to report an FFO of $10.03, up 1.6% from $9.87 in fiscal 2023.
AMT stock has underperformed the S&P 500’s ($SPX) 18.2% gains on a YTD basis, with shares down 2.8% during this period. Similarly, it underperformed the S&P 500 Real Estate Sector SPDR’s (XLRE) marginal losses over the same time frame.
On Apr. 30, AMT reported its Q1 results. Its funds from operations were $1.3 billion, or $2.79 per share, beating the consensus estimates of $2.55. The company’s net income stood at $917.4 million, or $1.96 per share, and its revenue came in at $2.83 billion, surpassing the Wall Street forecasts of $2.80 billion. Its property revenue rose by 3.3%. AMT expects full-year FFO to be between $10.30 and $10.53 per share. AMT shares closed down more than 1% on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on AMT stock is bullish, with a “Strong Buy” rating overall. Out of 20 analysts covering the stock, 15 advise a “Strong Buy” rating, one has a “Moderate Buy” rating, and four recommend a “Hold.” The average analyst price target for AMT is $228.26, indicating an 8.4% potential upside from the current levels.
On the date of publication, Dipanjan Banchur 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.
