Bernstein Upgrades American Tower to Outperform With $207 Target

Overview

• American Tower, which Bernstein raised to Outperform on Tuesday, received a $207 price target that implies about 17% upside from a recent $177 close.
• The firm says direct-to-device satellite service has limits in capacity and indoor reach, so mobile towers remain essential and could see more use through carrier partnerships.
• Rate pressure looks less severe because American Tower cut floating-rate debt to about $1.4 billion and pushed most maturities to 2028.
• Dish Network exposure appears contained since the company removed Dish revenue from guidance and a new $2.4 billion FCC escrow could reimburse unpaid infrastructure bills.
• Recent results beat forecasts on earnings and revenue and the quarterly dividend rose to $1.79 per share, reinforcing steady cash generation.