Argus analyst Jacob Kilstein raised his price target on American Tower to $165 and kept his Buy rating, saying the company stands to benefit from annual lease rate increases paid by their media and telecom tenants. With mobile data usage growth estimated at an annual 50% for the next 5 years, "the demand for tower leases should continue to rise", the analyst writes in his research report for investors. Kilstein also cites American Tower's "solid record of growth and profitability", FFO growth rate, high quality assets, and international expansion efforts in his report, adding that the stock trades at 21.5-times his 2018 NAREIT FFO estimate, below the five-year average of 23.8-times.