American Tower Corp (AMT.N): Expecting Steady Q2‘26 Results for AMT; Earnings Preview

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American Tower Corp (AMT.N): Expecting Steady Q2‘26 Results for AMT; Earnings Preview

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17 Jul 2026 13:02:25 ET │ 21 pages

American Tower Corp (AMT.N)

Expecting Steady 2Q26 Results for AMT; Earnings Preview

CITI'S TAKE

AMT shares are down 7% over the past month. While buyside feedback has

been inconclusive on the most recent reasons for the underperformance,

investors seem concerned that a more competitive wireless landscape Buy

could constrain longer-term investments by the incumbents that would in Price (16 Jul 26 16:00) US$168.92

turn be a headwind for tower leasing growth. We remain positive on AMT

Target price US$225.00shares and the towers more broadly. We expect generally steady 2Q26 and

FY26 results for AMT with stabilizing tower leasing activity and eventual Expected share price return 33.2%

alleviation of churn headwinds beginning in 2027 – both domestically and Expected dividend yield 4.2%

internationally. Data centers can be a source of growth accretion, while our

Expected total return 37.4%base case is for AMT to retain ownership of the portfolio. We maintain our

Buy on AMT shares and believe stable operating results should support Market Cap US$78,699M

medium-term opportunities to improve annual AFFOPS growth and the

multiple at which AMT trades. We expect AMT to report on 7/28 BMO.

Earnings Focus — At a high level, we expect the market to focus on long-term

growth algorithm and potential M&A activity while evaluating whether or not LEO Price Performance

satellites pose a net-opportunity or net-risk for the tower stocks. For 2Q26, we (RIC: AMT.N, BB: AMT US)

expect investors to focus on normalized organic domestic and total tower leasing

growth, overall site leasing revenue, EBITDA growth, and AFFOPS growth. We