Boston, Massachusetts-based American Tower Corporation (AMT)is a leading independent REIT that owns, operates, and develops multitenant communications real estate with a portfolio of nearly 149,000 communications sites and a highly interconnected footprint of U.S. data center facilities. With a market cap of $99.7 billion, the company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular. The leading REIT is expected to announce its fiscal first-quarter earnings for 2025 before the market opens on Tuesday, Apr. 29. 

Ahead of the event, analysts expect AMT to report an FFO of $2.49 per share on a diluted basis, down 10.8% from $2.79 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports.

For the full year, analysts expect AMT to report FFO of $10.03 per share, down 4.8% from $10.54 in fiscal 2024. However, its FFO is expected to rise 7.6% year over year to $10.79 per share in fiscal 2026. 

AMT stock has outperformed the S&P 500’s ($SPX) 5.5% gains over the past 52 weeks, with shares up 21.5% during this period. Similarly, it outperformed the Real Estate Select Sector SPDR Fund’s (XLRE) 6.8% gains over the same time frame.

AMT's strong performance is driven by their continued investment in data center infrastructure, with plans to commit $600 million to expand their digital capabilities. They are focusing their capital on high-growth markets like the U.S., Canada, and Europe. This shift aims to improve earnings quality and reduce exposure to foreign exchange fluctuations. The company's core tower operations are benefiting from increased demand due to mobile carriers expanding their 5G networks. Additionally, their decision to exit operations in high-risk regions is seen as a positive move.

On Feb. 25, AMT shares closed up more than 6% after reporting its Q4 results. Its adjusted FFO of $2.32 per share missed Wall Street forecasts of $2.33 per share. The company’s revenue was $2.55 billion, topping Wall Street forecasts of $2.5 billion. AMT expects full-year adjusted FFO in the range of $10.31 to $10.50 per share.

Analysts’ consensus opinion on AMT stock is bullish, with a “Strong Buy” rating overall. Out of 23 analysts covering the stock, 17 advise a “Strong Buy” rating, two suggest a “Moderate Buy,” and four give a “Hold.” AMT’s average analyst price target is $235.33, indicating a potential upside of 8.1% from the current levels.