AMT · American Tower Corporation — research history
Complete research history. Every dossier, draft, kill, publish, and lesson the system has produced on AMT. Public so users can audit, AI can re-reference. Live price refreshes every 60s.
About AMT · American Tower Corporation
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
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SELL (score -6) · 12-1 mom -17.9% · RSI 43.8 · below_both · -22.8% from high
Targets blend Wall Street consensus (22 analysts: low $195.00 / mean $216.14 / high $260.00) with chart-derived floors and ceilings.
1-Year Chart · RSI · MACD
Research Timeline
Newest first. Each entry shows what stage produced it, the verdict/decision, and the reasoning.
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Score falls well below threshold due to zero insider conviction, elevated valuation multiples (Fwd P/E 26.6x, EV/EBITDA 19.4x), and unaddressed anti-signal gates (tenant concentration and equity dilution overhang). No long or income structure justifies publishing at this bar.
AMT is a $85.6B global tower REIT with ~150K communications sites leased to carriers. The investigation was triggered by 3 recent 8-Ks: (1) €750M 4.000% senior notes due 2033 issued May 19 — a proactive liability management move amid rising rates; (2) amendment of the $6B multicurrency revolving credit facility and related loans extending maturities to 2029-2031 with added acquisition conditionality; and (3) Q2 distribution declaration ($1.79/share, July 13 record). The Bernstein upgrade to Outperform with a $207 price target landed May 19 — bullish sentiment that has since pushed the stock off its March lows but still ~22% below the 52-week high of $234.33. No insider open-market buys in the past 90 days; director departure Form-4 was purely a board exit (no signal). The business is fundamentally healthy with strong margins and recurring revenue, but near-term upside appears capped by elevated leverage ratios and macro rate sensitivity. The most structured opportunity here is an income strategy exploiting elevated IV from recent volatility.
{"symbol":"AMT","company":"American Tower Corporation","investigation_summary":"AMT is a global communications-infrastructure REIT with ~150K tower sites and CoreSite data centers. The stock has underperformed badly (YTD -14%, down ~27% from 52w high) despite Q1 2026 delivering an AFFO beat ($2.84 vs $2.50 estimate) and raising FY26 guidance — the disconnect between fundamentals and price is notab
Score of 11 falls well below the 50 threshold. The dossier shows no insider buying, no meaningful mispricing (trading at sector-average multiples), and structural quality metrics (ROIC 4.9%, net debt/EBITDA 7x) that fail the rubric's thresholds. Anti-signal gates for dilution and customer concentration are also flagged, and the market's macro REIT anchor appears justified given the leverage and lack of near-term catalysts.
American Tower reported Q1 2026 AFFO of $2.84/share vs. $2.50 consensus (+13.6% beat) and raised full-year 2026 guidance, yet the stock trades ~23% below its 52-week high with no analyst re-rating visible in recent news flow — suggesting the market is still anchored to macro REIT concerns (rate sensitivity, leverage) rather than fundamentals. The May-7 8-K revealed a $5B conditional acquisition borrowing capacity added across three credit facilities, which could set up M&A optionality but represents a timing risk without a named target. No open-market insider buys in the past 90 days; small RSU grants to directors (non-cash) and some routine selling from executives are neutral signals. The stock is technically below its 200-DMA with RSI at ~52 (neutral zone, not oversold), and options flow shows modestly bearish positioning via put-bias OI strikes (220 puts dominant).