Telecommunications Services: Global Towers Day: Key Takeaways and Thoughts

研报英文原文证据摘录

Telecommunications Services: Global Towers Day: Key Takeaways and Thoughts

Idea

June 26, 2026 02:22 PM GMT

Morgan Stanley & Co. International plc+MTelecommunications Services | Europe Emmet B Kelly

Equity Analyst

Global Towers Day: Key Emmet.Kelly@morganstanley.comHarrison Williams, CFA +44 20 7425-6830

Harrison.Williams@morganstanley.com +44 20 7425-6627

Takeaways and Thoughts Morgan Stanley & Co. LLC

Cameron McVeigh, CFA

We hosted Cellnex, Inwit, American Tower & Rai Way at our MS Equity Analyst

Cameron.McVeigh@morganstanley.com +1 212 761-4209

Global Towers Day. Key themes included Telco M&A, POPs/

Morgan Stanley & Co. International plc+

volume growth, MSA strength, AI opportunities & data centers. Lindsey C Zastawny

We remain cautious on Towers due to possible Telco M&A, and Equity Analyst

Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

US rates 'higher for longer'. Terence Tsui

Key Takeaways Terence.Tsui@morganstanley.com +44 20 7425-3095

Morgan Stanley & Co. LLC

Consolidation continues to be viewed as neutral to positive for Towercos, with an Garo K Amerkanian

expectation consolidation could trigger higher investments; Research Associate

Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

Leverage is back under control across most of the sub-sector, with companies

now more flexible in considering investing for growth / addt'l shareholder distros; Telecommunications Services

Europe

TowerCos see themselves as well leveraged to the AI theme via data centers, the Industry View Attractive

need for network densification & potential edge AI in the network;

American Tower sees strongest strategic position in years, with a derisked

earnings base and growth opportunities in US towers, data centers, and edge

compute;