On July 29, American Tower rose 3.28% in regular trading, trading at $176.214/share, with turnover of $31.745 million.
The move followed the company's Q2 earnings release, which beat expectations across the board. Q2 total revenue reached $2.75 billion, up 4.7% year-over-year, exceeding the $2.70 billion consensus estimate. Adjusted FFO came in at $2.71 per diluted share, above the $2.70 FactSet estimate. The company raised its full-year guidance for the second time, now expecting AFFO of $11.00 to $11.17 per share, well above the Street estimate of $10.97. Total property revenue median growth rate was lifted to 4.5%, surpassing the 3.7% analyst expectation.
Following the results, Bernstein raised its price target to $214 and Scotiabank to $220, with multiple firms maintaining buy ratings. The average analyst target stands at $215.67. AI-driven demand for communications infrastructure continues to underpin the company's organic growth trajectory, reinforcing confidence in sustained outperformance.
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