"Malhotra believes U.S. and several non-U.S. cell tower fundamentals are inflecting, signaling leasing demand is picking back up, aligning with American Tower's reported organic tenant billings growth of 6% in Q4 2025."
"Malhotra views American Tower's data center business as materially undervalued with several paths to unlocking value, as it posted $281 million in revenue during Q4 2025, up 19% year-over-year."
"The Africa and APAC segment grew 24% in Q4 2025, while Europe expanded 16%, showing international markets are a significant growth engine for the company."
Mizuho upgraded American Tower from Neutral to Outperform, raising the price target to $205. Analyst Vikram Malhotra noted that the stock has underperformed, declining 19% in the past year. He identified two catalysts for growth: improving leasing demand in the U.S. and abroad, and the undervaluation of American Tower's data center business. The company reported a 6% growth in tenant billings and a 19% increase in data center revenue. International markets are also contributing significantly to growth, with a strong balance sheet and ongoing share repurchases.
Read at 24/7 Wall St.
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