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American Tower (NYSE: AMT) reported strong Q3 earnings on October 28, 2023, with earnings per share of $2.78, exceeding expectations by $0.14, and revenue of $2.72 billion surpassing estimates by $0.07 billion. This marks the fourth consecutive quarter of exceeding analyst expectations.
Despite a decline of nearly 22% from its year-to-date high on July 22, AMT’s stock continues to trade within a stable range. Analysts are optimistic, with 15 of 20 assigning a Buy rating and an average 12-month price target suggesting nearly 27% upside potential. The REIT offers a 3.77% annual dividend yield, which is competitive in the current market.
American Tower’s institutional ownership is high at nearly 93%, signaling strong confidence among investors amid a challenging real estate environment characterized by high office vacancy rates and declines in major homebuilders.
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