Goldman Sachs Upgrades American Tower to 'Buy' with $215 Target
Goldman Sachs raises its outlook on American Tower, setting a new price target of $215, a 30.48% upside from the current price.
Key Points
- Goldman Sachs raised its rating on American Tower Corporation (NYSE:AMT) to 'buy' with a $215 price target on June 26, 2026.
- Goldman Sachs's $215 price target implies 30.48% upside from American Tower Corporation's ($AMT) current $164.78 share price.
- Shares of AMT traded near $169.05 on Friday with a market cap of $78.6 billion and a P/E ratio of 27.26.
- Other analysts like RBC Capital and Bernstein have also recently upgraded AMT to 'buy', underscoring positive sentiment.
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Goldman Sachs analyst Michael Ng has upgraded American Tower Corporation (NYSE:AMT) to a 'buy' rating, setting a price target of $215. This change was announced on June 26, 2026, and reflects a positive outlook on the company's performance.
Goldman Sachs vs. the S&P 500
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Other Institutional Activity in American Tower
Several institutional investors have shown interest in American Tower recently. BlackRock, Inc. increased its holdings by 919,381 shares, bringing its total to 44,954,137 shares worth about $7.76 billion, marking a 2.1% increase. Vanguard Capital Management LLC opened a new position with 30,362,380 shares valued at approximately $5.24 billion. Similarly, Vanguard Portfolio Management LLC also initiated a new position with 27,596,159 shares worth about $4.76 billion. State Street Corp added 447,075 shares for a total of 21,434,609 shares, valued at around $3.70 billion, a 2.1% increase. JPMorgan Chase & Co boosted its stake by 716,125 shares to 15,128,367 shares, valued at roughly $2.58 billion, reflecting a 5.0% increase.
American Tower Corporation Stock Down 6.5%
Shares of American Tower Corporation (NYSE:AMT) traded near $169.05 on Friday. The company has a market capitalization of approximately $78.6 billion and a P/E ratio of 27.26. It has a 52-week low of $165.08 and a high of $234.33. The stock's 50-day moving average is $181.30, and the 200-day moving average is $181.90. The company's leverage, as indicated by a debt-to-equity ratio of 444.55, is relatively high.
$AMT price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
American Tower reported revenue of $10.82 billion, reflecting a growth rate of 6.8%. The company achieved a net margin of 26.8% and a return on equity of 29.95%. The next earnings release is expected on July 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target raises vs 2 cuts.
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EPS & revenue
EPS beat estimates by 13.6%. Revenue beat estimates by 2.0%.
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Profit surprise
EBITDA met by 2 percent. Operating income beat by 7 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 3 target raises, 2 target cuts.
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Earnings quality
Gross margin down 1.3 points. Operating margin down 6.5 points. Positive free cash flow.
Earnings Call Summary
American Tower had a strong first quarter with reported revenue of $2.74 billion, beating consensus by about $53 million, and earnings per share of $2.84 versus consensus of $2.50. Organic growth excluding DISH churn was 4 percent in towers and 17 percent in the CoreSite data center business, driven by growing mobile data demand, AI workload expansion and a major inflection in interconnection activity. Management emphasized that structural tailwinds including 5G densification, eventual 6G deployment, and AI-driven infrastructure needs position the company well for mid to upper single-digit annual growth going forward.
Guidance Management raised full year property revenue guidance by about $145 million to approximately $10.9 billion, driven by foreign exchange tailwinds and accelerated straight-line revenue. They expect organic tenant billings growth around 4 percent when excluding one-time DISH churn, plus data center growth of about 13 percent. They reaffirmed attributable AFFO per share growth expectations in the mid to upper single-digit range over the long term.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
American Tower offers an annual dividend rate of $6.98, yielding 4.14%. The dividend payout ratio is 82.26%, which indicates the proportion of earnings distributed as dividends.
Insider Buying and Selling at American Tower Corporation
Recent insider activity includes several sales. On June 1, 2026, Robert Joseph Meyer, Senior Vice President and Advisor to the CFO, sold 153 shares at an average price of $187.53. On April 29 and 28, 2026, Ruth Dowling, Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary, sold 416 and 556 shares at average prices of $177.54 and $178.48, respectively, under a planned sale.
Analysts Set New Price Targets
On June 26, 2026, Goldman Sachs assumed coverage of American Tower with a 'buy' rating and a $215 price target. RBC Capital also upgraded its rating to 'buy' with a $205 target on the same day. In May, Bernstein upgraded the stock to 'buy' with a $207 target. The consensus among analysts is a 'buy', with a mean price target of $216.14 from 22 analysts.
About American Tower Corporation
American Tower Corporation is a leading real estate investment trust specializing in multitenant communications real estate. Based in Boston, Massachusetts, the company owns, operates, and develops communications sites across the globe, leasing space to wireless service providers, broadcasters, and other tenants. With services including site application, zoning, and construction management, American Tower supports the deployment needs of its diverse customer base. The company, led by CEO Steven O. Vondran, employs around 4,866 people.
Bottom Line
Goldman Sachs' upgrade of American Tower to 'buy' with a $215 target reflects growing confidence in the company's prospects. Investors closely watch such ratings for insights, though it's important to remember that analyst opinions can vary. The stock's current performance and institutional interest highlight its position in the market.
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