BUZZ-Street View: SpaceX brings huge opportunities for American Tower Corporation

October 28 - ** American Tower Corporation (AMT.N) reported a 2.5% increase in third-quarter revenue (link), exceeding analysts’ expectations of $2.76 billion, driven by strong performance in its data center business; the company raised its midpoint full-year property revenue forecast for fiscal 2026 by $55 million.

** The median target price from 25 brokers covering the stock is $212.50; the average rating is “Buy” — according to data compiled by LSEG.

“SPACEX is the real highlight”

** Jefferies (“Buy”, target price: $208) pointed out that “the fundamentals for telecom towers in 2026 remain weak, but SpaceX is the real highlight,” as many decommissioned tower sites are now equipped with infrastructure compatible with the wireless spectrum SpaceX is expected to use.

** JPMorgan (“Overweight”, target price: $230) expects AMT to participate in any major ground network buildout by SpaceX (SPCX.O), but the timing and contribution to growth remain uncertain.

** Scotiabank (“Outperform”, target price: $220) noted that, in the medium to long term, increasing operator network density and new spectrum deployments should support the leasing business, while SpaceX’s ground network buildout could provide incremental upside not currently reflected in AMT’s growth expectations.

** BMO Capital Markets (“Market Perform”, target price: $195) stated that data center demand remains a key differentiator, with a current growth rate of 16% and significant expansion potential in the future.
** “In the long run, the outlook for telecom towers also seems more optimistic, with additional incremental growth potential from SpaceX,” according to BMO.

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