As previously reported, Evercore ISI downgraded American Tower to Hold from Buy. Analyst Jonathan Schildkraut downgraded shares citing valuation but raised his price target to $110 from $105 due to foreign exchange tailwinds.

Scotiabank lowered the firm's price target on American Tower to $223 from $243 and keeps an Outperform rating on the shares. The higher-for-longer outlook on interest rates has caused damage to the company despite its underlying business remaining strong, the analyst tells investors. The firm adjusted its price target to match the current comparable public market industrial REITs valuations.

Raymond James upgraded American Tower to Strong Buy from Outperform with a price target of $248, up from $226. American Tower is primed for the best growth among U.S. tower stocks over the next three years, and is now the cleanest story of the three stocks, the analyst tells investors in a research note. The firm thinks now is an opportune entry point as Sprint churn is mostly in the rear-view mirror, the India sale cleans up the story, and green shoots are showing signs of sprouting in U.S. leasing.

Raymond James analyst Ric Prentiss upgraded American Tower to Strong Buy from Outperform with a price target of $248, up from $226.

Reports Q1 revenue $$2.834B, consensus $$2.795B .Steven Vondran, American Tower's Chief Executive Officer, stated, "The strong performance we saw in 2023, underscored by robust demand across our asset platforms, continued into the first quarter, resulting in Attributable AFFO per Share growth of nearly 10%. With visibility into accelerating activity across the U.S. and Europe, a continuation of elevated new business growth across many of our emerging markets, positive collection trends in India, and another strong quarter of signed leasing at CoreSite, our global business is positioned to deliver quality, recurring growth as we move through the year and over the long-term. By coupling these durable secular trends with our commitment to leveraging a best-in-class operating model to yield efficiencies for American Tower and our customers alike, we see a long runway for driving expansion in our cash margins and optionality to deploy capital towards accretive development opportunities, as we support our customers' growing network needs. Taken together, we believe we are uniquely positioned to drive sustained growth throughout the 5G cycle and convert increasing demand for our portfolio of digital infrastructure assets into incremental shareholder value throughout 2024 and beyond."