American Tower (AMT) Gets Lower Scotiabank Target Despite Strong Long-Term Outlook

American Tower Corporation (NYSE:AMT) is included among the

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On February 25, Scotiabank lowered its price recommendation on American Tower Corporation (NYSE:AMT) to $214 from $220. The firm reiterated an Outperform rating on the shares. The analyst said the company reported steady tower leasing activity and strong performance from CoreSite in the fourth quarter. Still, its guidance for 2026 came in softer than expected. The firm said it continues to view American Tower positively. This is based on its international asset base, strong balance sheet, and growing exposure to data centers.

During the Q4 2025 earnings call, CEO Steven Vondran described the year as highly successful. He said attributable AFFO per share, as adjusted, increased 8% for the full year. Growth accelerated in the fourth quarter, rising more than 13%. He said the performance was supported by steady leasing activity across both the tower and data center segments. He also pointed out that the company continued shifting capital toward developed markets and worked to reduce leverage back within its target range.

Vondran outlined three key priorities for 2026. These include maintaining revenue growth, improving operational efficiency, and continuing disciplined capital allocation. He said wireless carriers are expected to keep expanding and densifying their networks to support growing 5G demand. At the same time, they are beginning to prepare for the future transition to 6G technology. He also discussed the situation involving DISH. He said the company had defaulted on its payment obligations. Legal action is now underway as American Tower seeks to recover the remaining value tied to DISH’s lease commitments.

American Tower Corporation (NYSE:AMT) operates as a global real estate investment trust and is an independent owner, operator, and developer of multitenant communications real estate. Its portfolio includes nearly 150,000 communications sites and an extensive network of U.S. data center facilities.

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