Data First Take (Post #95): AT&T Deployment of 600 MHz Spectrum Should Be Net Positive for Towers

研报英文原文证据摘录

Off the Cuff |

06 Aug 2026 12:33:26 ET │ 14 pages

Data First Take (Post #95)

Subject AT&T Deployment of 600 MHz Spectrum Should Be Net Positive

for Towers

AT&T disclosed today that it will deploy the newly acquired 600 MHz spectrum from

EchoStar and partner with Ericsson, using advanced dual-band radios to enhance

wireless network capacity, coverage, and performance across its network. AT&T also

noted that its ongoing network modernization effort is more than 60% complete,

with customers in upgraded areas experiencing up to twice the average speeds, a

10% reduction in dropped and blocked calls, and up to 70% fewer instances of slow

data speeds. The partnership is also intended to support future connectivity

demands driven by AI-enabled applications, connected devices, and data-intensive

services.

Michael Rollins, CFAAC

We view this as a positive contributor to leasing activity over the next few years. We

believe the base case expectation for deployment of this band by AT&T was

gravitating into the 2028-2029 timeframe for some of the Tower firms. We will be

curious if the announced deal may accelerate timing to include a significant

contribution in 2027. Specific financial impacts will depend on the status and

structure of comprehensive MLAs with each tower firm. Our understanding is that

AMT is still a la carte with AT&T amendments, which could create a catalyst for

positive contributions and/or a reason to create a new comprehensive deal. We

believe SBA can potentially benefit from a la carte activity possibly beginning at

some point in 2028 when the current deal is set to expire. CCI has previously

discussed the opportunity for a 600 MHz deployment by AT&T as a potential

positive contributor to improving annual leasing activity in future years. We remain

positive on the Tower stocks with Buys on SBAC, AMT and CCI.