Group 1 - JPMorgan has lowered the price target on American Tower (AMT) to $245 from $250 while maintaining an Overweight rating on the shares [1] - The firm has reduced new leasing estimates for tower companies due to a more conservative approach influenced by the potential impact from EchoStar [1] - The industry outlook is described as "modest," but the EchoStar/Dish situation presents an overhang; however, potential deals could act as a positive catalyst for tower stocks [1]

Group 1 - TCW Global Real Estate Fund reported a return of +2.37% in Q3 2025, underperforming the S&P Global REIT Index which returned +4.50% [1] - The fund's overweight allocation in Diversified Real Estate Activities positively impacted its performance, while the overweight in Telecom Tower REITs negatively affected it [1] - The fund highlighted American Tower Corporation (NYSE:AMT) as a significant holding, which had a one-month return of -0.89% and a 52-week loss of 3.96% [2] Group 2 - American Tower Corporation (NYSE:AMT) closed at $174.71 per share on December 26, 2025, with a market capitalization of $82.59 billion [2] - In the TCW Global Real Estate Fund's investor letter, American Tower Corporation was noted as one of the two worst-performing securities, with a weight of 6.32% in the fund [3] - Despite its potential, American Tower Corporation is not among the 30 most popular stocks among hedge funds, with 75 hedge fund portfolios holding it at the end of Q3 2025, an increase from 70 in the previous quarter [4]

Group 1 - TCW Global Real Estate Fund reported a return of +2.37% in Q3 2025, underperforming the S&P Global REIT Index which returned +4.50% [1] - The fund's overweight allocation in Diversified Real Estate Activities positively impacted its relative performance, while the overweight in Telecom Tower REITs negatively affected it [1] - The fund highlighted SBA Communications Corporation (NASDAQ:SBAC) as a significant holding, which had a one-month return of 2.14% but lost 5.27% over the last 52 weeks [2] Group 2 - SBA Communications Corporation (NASDAQ:SBAC) was identified as one of the worst-performing securities in the fund, with a weight of 4.79% in Telecom Tower REITs [3] - At the end of Q3 2025, 35 hedge fund portfolios held SBA Communications Corporation, a decrease from 41 in the previous quarter [4] - Despite its potential, the company is not considered among the 30 most popular stocks among hedge funds, with a belief that certain AI stocks may offer better upside potential [4]

Group 1 - Royal Bank of Canada downgraded American Towers (NYSE: AMT) to Sector Perform from Outperform [1] - Crown Castle (NYSE: CCI) was upgraded to Outperform from Sector Perform by Royal Bank of Canada [1] - The overall commentary from tower companies indicates activity levels among carriers [1]

Core Viewpoint - Analysts forecast a decline in American Tower's quarterly earnings and revenues, with EPS expected at $2.60, down 6.8% year-over-year, and revenues projected at $2.51 billion, down 11.3% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 1.3% lower over the last 30 days, indicating a reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong relationship between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts predict 'Total operating revenues - Data Centers' at $250.28 million, reflecting an increase of 11.2% year-over-year [5]. - 'Total operating revenues - Services' is expected to reach $60.28 million, indicating a significant increase of 100.9% year-over-year [5]. - The consensus for 'Total operating revenues - Total Property' stands at $2.45 billion, showing a decline of 12.7% year-over-year [5]. Geographic Revenue Estimates - 'Geographic Revenues - Total International' is estimated at $896.32 million, down 29.4% from the previous year [6]. - 'Geographic Revenues - U.S. & Canada' is projected to be $1.30 billion, reflecting a slight decline of 0.8% year-over-year [6]. - 'Geographic Revenues - Africa' is expected to reach $305.65 million, up 4.7% year-over-year [7]. - 'Geographic Revenues - Latin America' is projected at $381.27 million, down 14.5% from the previous year [7]. Ending Balance Estimates - The 'U.S. & Canada - Ending Balance' is expected to be 41,759, down from 42,427 in the same quarter last year [8]. - The consensus for 'Total - Ending Balance' is 173,697, compared to 222,643 a year ago [8]. Organic Tenant Billings Growth - 'Organic Tenant Billings Growth - Total International' is projected at 5.7%, down from 6.5% in the same quarter last year [9]. - 'Organic Tenant Billings Growth - U.S. & Canada' is expected to be 3.8%, down from 4.6% in the same quarter last year [9]. Stock Performance - American Tower shares have increased by 1.2% in the past month, contrasting with the S&P 500 composite's decline of 5.1% [10].