American Tower Corp (AMT.N): Updating our AMT Model for Steady 2026 Results

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American Tower Corp (AMT.N): Updating our AMT Model for Steady 2026 Results

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29 Jul 2026 18:43:19 ET │ 26 pages

American Tower Corp (AMT.N)

Updating our AMT Model for Steady 2Q26 Results

CITI'S TAKE

AMT delivered solid 2Q26 results with domestic organic leasing growth ex-

DISH at approximately 5%, while CoreSite continued to benefit from strong

demand for AI and interconnection services, contributing to an increase in Buy

full-year guidance. Management's commentary around domestic leasing Price (29 Jul 26 16:00) US$179.26

activity was particularly encouraging, highlighting expectations for

Target price US$225.00approximately 2.5% annual leasing contribution supported by continued

carrier investment and a stabilizing 5G densification pipeline. We believe Expected share price return 25.5%

this level of activity could prove durable beyond 2026 and could ultimately Expected dividend yield 4.0%

result in modest upside to our longer-term domestic growth expectations.

Expected total return 29.5%While the upward revision to 2026 guidance was aided by stronger data

center performance, favorable FX, and certain non-cash items, we continue Market Cap US$83,528M

to view the underlying operating environment as healthy. We maintain our

Buy rating on AMT and expect shares to trade modestly higher following the

results.

Price Performance

Model Update — We updated our model to reflect 2Q26 results and management's (RIC: AMT.N, BB: AMT US)

revised outlook. The primary changes include stronger data center revenue

expectations and the updated FX assumptions. More details within this note, and

we shared additional takeaways here: Takeaways from AMT Earnings and Callback.

Implications — We view the quarter and management commentary as broadly