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Street View: SpaceX opportunity looms large for American Tower

By Reuters News

** American Tower Corporation's AMT.N Q3 revenue rises 2.5% on data centre strength, beating analysts' estimate of $2.76 billion and the company raises full-year 2026 property revenue outlook midpoint by $55 million

** Median PT of 25 brokerages covering the stock is $212.50; average rating "buy" - LSEG-compiled data

"SPACEX IS THE REAL STORY"

** Jefferies ("buy," PT: $208) says "tower fundamentals for 2026 remain soft, but SpaceX is the real story," as many vacated tower sites are already equipped with infrastructure compatible with the wireless spectrum it is expected to use

** J.P.Morgan ("overweight," PT: $230) expects AMT to participate in any significant terrestrial build by SpaceX SPCX.O, but the timing and growth contribution remain uncertain

** Scotiabank ("sector outperform," PT: $220) says, over the medium term, carrier densification and new spectrum deployment should support leasing, while a terrestrial build from SpaceX could provide incremental upside that is not currently embedded in AMT’s growth outlook

** BMO Capital Markets ("market perform," PT: $195) says data center demand remains a key differentiator, with 16% growth and meaningful future expansion potential
** "The longer-term tower outlook also appears more promising, plus the possibility of incremental growth from SPCX" - BMO

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