TLDR
- American Tower (AMT) rose 3% pre-open Friday after Bloomberg reported SpaceX is in talks to use about 80,000 U.S. cell sites.
- The stock opened at $181.62, up 2%, while Verizon, AT&T and T-Mobile each fell more than 3%.
- Q3 results are due Tuesday, Oct. 27, with Wall Street expecting EPS of $2.84 and revenue of about $2.77 billion.
- Analysts rate the stock Moderate Buy with an average price target of $214.90.
- Insiders sold $1.2 million of stock over 90 days, but two directors made purchases this year.
American Tower (AMT) stock rose 3% in pre-open trading Friday after a Bloomberg report on SpaceX. The stock then opened at $181.62, up 2% on the day.
American Tower Corporation, AMT
Bloomberg said SpaceX is in active talks to get access to about 80,000 U.S. cell sites. The goal is a nationwide wireless network buildout.
A tenant that large could mean multibillion-dollar leasing deals for tower owners. American Tower runs about 41,764 sites across the U.S. and Canada.
Crown Castle (CCI) edged up 0.2% in the same session. The tower group got a lift while the carriers did not.
Verizon, AT&T and T-Mobile each fell more than 3%. Investors are weighing SpaceX as a possible new rival in wireless.
The broader market gave no help. The S&P 500 slipped 0.2% and the Dow fell 0.6%.
Where the Stock Stands
American Tower sits above its 50-day average of $174.42 and its 200-day average of $175.63. Its 52-week range runs from $160.06 to $196.08.
The market cap is $84.63 billion, and the P/E ratio is about 25. One recent analysis said the valuation discount the stock once had has mostly faded.
Analysts rate the stock Moderate Buy, with an average price target of $214.90. Of 20 analysts, one has a Strong Buy, 17 have a Buy and two have a Hold.
Mizuho recently raised its target to $208 and kept an Outperform rating. Bernstein trimmed its target from $214 to $212 and also kept Outperform.
The company paid its $1.79 quarterly dividend on Oct. 20. That works out to a 3.9% yield.
Insiders, Institutions and Earnings
Director Teresa Clarke made another small open-market purchase on Oct. 20 at $183.20. She has steadily added to her direct holding through a series of buys.
Director Rajesh Kalathur spent $500,733 in August at $177 a piece. EVP Ruth Dowling sold $193,506 of stock in July under a pre-set trading plan.
Insiders have sold $1.2 million of stock over the last 90 days. They own 0.08% of the company.
Institutions own 92.69% of AMT. MBL Wealth raised its position by 415.1% in the third quarter, to a holding worth about $1.34 million.
Last quarter, American Tower reported revenue of $2.75 billion, up 4.6%, and EPS of $2.71. Management set 2026 EPS guidance at $11.00 to $11.17.
Q3 results are due Tuesday, Oct. 27. Wall Street expects EPS of $2.84 and revenue of about $2.77 billion.
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