Track market-moving stories before they get noisy

Wall Street analysts expect American Tower (AMT - Free Report) to post quarterly earnings of $2.84 per share in its upcoming report, which indicates a year-over-year increase of 2.2%. Revenues are expected to be $2.77 billion, up 2.1% from the year-ago quarter.

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

Given this perspective, it's time to examine the average forecasts of specific American Tower metrics that are routinely monitored and predicted by Wall Street analysts.

The consensus estimate for 'Total operating revenues- Data Centers' stands at $304.54 million. The estimate points to a change of +14.1% from the year-ago quarter.

Analysts predict that the 'Total operating revenues- Services' will reach $65.96 million. The estimate indicates a change of -34.8% from the prior-year quarter.

The consensus among analysts is that 'Total operating revenues- Total Property' will reach $2.70 billion. The estimate indicates a year-over-year change of +3.2%.

Analysts' assessment points toward 'Geographic Revenues- Total International' reaching $1.12 billion. The estimate points to a change of +8.3% from the year-ago quarter.

The collective assessment of analysts points to an estimated 'Geographic Revenues- U.S. & Canada' of $1.28 billion. The estimate suggests a change of -3.2% year over year.

The average prediction of analysts places 'Geographic Revenues- Africa & APAC' at $418.61 million. The estimate indicates a year-over-year change of +12.8%.

Analysts expect 'Geographic Revenues- Latin America' to come in at $443.17 million. The estimate indicates a year-over-year change of +6.3%.

The combined assessment of analysts suggests that 'U.S. & Canada - Ending Balance' will likely reach 41,771 . Compared to the present estimate, the company reported 41,821 in the same quarter last year.

Analysts forecast 'Total - Ending Balance' to reach 148,696 . The estimate is in contrast to the year-ago figure of 148,371 .

According to the collective judgment of analysts, 'Organic Tenant Billings Growth - Total International' should come in at 1.9%. The estimate compares to the year-ago value of 6.9%.

It is projected by analysts that the 'Organic Tenant Billings Growth - U.S. & Canada' will reach 0.4%. Compared to the present estimate, the company reported 3.9% in the same quarter last year.

Based on the collective assessment of analysts, 'International - Ending Balance' should arrive at 107,068 . The estimate compares to the year-ago value of 106,550 .

View all Key Company Metrics for American Tower here>>>

Over the past month, American Tower shares have recorded returns of +4% versus the Zacks S&P 500 composite's no change. Based on its Zacks Rank #2 (Buy), AMT will likely outperform the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

In the latest trading session, American Tower (AMT - Free Report) closed at $177.64, marking a -3.23% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.58%. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 1.05%.

Coming into today, shares of the wireless communications infrastructure company had gained 4.74% in the past month. In that same time, the Finance sector lost 1.58%, while the S&P 500 gained 0.97%.

The investment community will be paying close attention to the earnings performance of American Tower in its upcoming release. The company is slated to reveal its earnings on October 27, 2026. In that report, analysts expect American Tower to post earnings of $2.84 per share. This would mark year-over-year growth of 2.16%. Meanwhile, our latest consensus estimate is calling for revenue of $2.77 billion, up 2.06% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $11.11 per share and revenue of $11.04 billion, which would represent changes of +3.25% and +3.68%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for American Tower. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. American Tower is holding a Zacks Rank of #2 (Buy) right now.

In the context of valuation, American Tower is at present trading with a Forward P/E ratio of 16.53. Its industry sports an average Forward P/E of 11.66, so one might conclude that American Tower is trading at a premium comparatively.

We can additionally observe that AMT currently boasts a PEG ratio of 2.86. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The REIT and Equity Trust - Other industry had an average PEG ratio of 2 as trading concluded yesterday.

The REIT and Equity Trust - Other industry is part of the Finance sector. With its current Zacks Industry Rank of 85, this industry ranks in the top 35% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

American Tower (AMT - Free Report) closed at $181.36 in the latest trading session, marking a +1.09% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.33%. Meanwhile, the Dow experienced a rise of 1.08%, and the technology-dominated Nasdaq saw an increase of 0.08%.

The wireless communications infrastructure company's stock has climbed by 1.71% in the past month, exceeding the Finance sector's loss of 3.99% and the S&P 500's gain of 1.41%.

Analysts and investors alike will be keeping a close eye on the performance of American Tower in its upcoming earnings disclosure. The company's earnings report is set to go public on October 27, 2026. The company is predicted to post an EPS of $2.84, indicating a 2.16% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $2.77 billion, indicating a 2.06% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $11.11 per share and revenue of $11.04 billion. These totals would mark changes of +3.25% and +3.68%, respectively, from last year.

Investors should also note any recent changes to analyst estimates for American Tower. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, American Tower boasts a Zacks Rank of #2 (Buy).

Looking at its valuation, American Tower is holding a Forward P/E ratio of 16.16. This signifies a premium in comparison to the average Forward P/E of 11.44 for its industry.

Meanwhile, AMT's PEG ratio is currently 2.8. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. REIT and Equity Trust - Other stocks are, on average, holding a PEG ratio of 2.05 based on yesterday's closing prices.

The REIT and Equity Trust - Other industry is part of the Finance sector. With its current Zacks Industry Rank of 85, this industry ranks in the top 35% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

American Tower gets a buy rating for my initial coverage. Positives include a global portfolio and scale, macro demand for cell towers, and its investment-grade rating. Risks could come from earnings volatility and land/zoning issues.

American Tower (AMT) witnessed a jump in share price last session on above-average trading volume. The latest trend in FFO estimate revisions for the stock doesn't suggest further strength down the road.

American Tower (AMT - Free Report) ended the recent trading session at $164.78, demonstrating a +1.55% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.58%. Meanwhile, the Dow gained 0.49%, and the Nasdaq, a tech-heavy index, added 0.45%.

The stock of wireless communications infrastructure company has fallen by 7.73% in the past month, lagging the Finance sector's loss of 4.49% and the S&P 500's gain of 0.84%.

Analysts and investors alike will be keeping a close eye on the performance of American Tower in its upcoming earnings disclosure. The company's earnings report is set to go public on October 27, 2026. The company is expected to report EPS of $2.84, up 2.16% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.77 billion, up 2.06% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $11.11 per share and revenue of $11.04 billion, indicating changes of +3.25% and +3.68%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for American Tower. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, American Tower holds a Zacks Rank of #3 (Hold).

Looking at valuation, American Tower is presently trading at a Forward P/E ratio of 14.61. This valuation marks a premium compared to its industry average Forward P/E of 11.61.

It is also worth noting that AMT currently has a PEG ratio of 2.53. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the REIT and Equity Trust - Other industry was having an average PEG ratio of 2.06.

The REIT and Equity Trust - Other industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 106, positioning it in the top 44% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

BlackRock today announced the planned termination of the iShares® iBonds® Dec 2026 Term Muni Bond ETF. The following timeline outlines the key dates for trading, net asset value (NAV) calculation and the Fund’s expected liquidation:

Ticker

Fund Name

Exchange

Last day of trading

Final NAV calculation date

Liquidation date

IBMO

iShares® iBonds® Dec 2026 Term Muni Bond ETF

Cboe BZX, Inc.

12/1/26

12/1/26

12/4/26

iBonds ETFs are designed to cease trading and mature during a specific maturity window like an individual bond. Leading up to the ETF’s final distribution date, the bonds held by the iBonds ETF mature, and the ETF transitions into short-term instruments and cash. Shareholders will receive their proceeds from the liquidation on or around the listed liquidation date, based on their brokerage’s processes.

iBonds ETFs remain available offering exposure to treasuries, municipals, investment grade and high yield corporates. iShares iBonds ETFs can help market participants build bond ladders and enhance diversification in their portfolios.

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BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | X: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of more than 1,700 exchange traded funds (ETFs) and approximately $6.2 trillion in assets under management as of June 30, 2026, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.

The iShares® iBonds® Muni ETFs (“Funds”) will terminate in September or December of the year in the Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount.

During the final months prior to the Fund’s planned termination date, its yield will generally tend to move toward prevailing tax-exempt money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20261005626943/en/

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BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) announced today that the press announcement of its third quarter 2026 results is scheduled to be released to the news services at 7:00 a.m. ET on Tuesday, October 27, 2026. In addition, the Company has scheduled a conference call at 8:30 a.m. ET on October 27, 2026, to discuss its results.

Earnings Call Information

Date/Time
Tuesday, October 27, 2026, at 8:30 a.m. ET

Pre-Registration Link for Dial-In Access
Participants can pre-register for the conference call here in order to receive dial-in information.

Access via Webcast
The earnings call will be broadcast live (listen only) and can be replayed shortly after the conclusion of the call via the Investor Relations webcast at https://www.americantower.com/investor-relations/webcasts/.

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 148,000 communications sites and a highly interconnected footprint of U.S. data center facilities. For more information about American Tower, please visit www.americantower.com.

More News From American Tower Corporation

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American Tower collects rent from wireless carriers under long-term contracts, but rising interest rates and a major customer exodus are squeezing the cash that funds the dividend. Here is what retirees actually need to check before trusting the payout.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

American Tower (NYSE:AMT) owns tower sites that wireless carriers rent under long-term contracts. Those lease payments fund the dividend. At $169.09, shares yield 4.09% on $6.98 trailing payouts, with annualized forward dividend at $7.16. Against the 10-year Treasury at 5.18% on September 24, retirees need proof the payout justifies the extra risk.

AFFO Coverage Is the Core of the Case Evaluating a REIT by earnings payout ratio misleads investors. Towers are depreciated on paper while collecting rent, shrinking GAAP earnings without touching cash. Adjusted funds from operations (AFFO) adds back depreciation and subtracts maintenance, tracking cash available for dividends.

American Tower’s 2026 AFFO guidance calls for $11.00 to $11.17 per share against the $7.16 annualized dividend. Second-quarter free cash flow hit $1.158 billion, up 18.54% year over year. Management prioritizes the dividend:

“When we think about our capital allocation approach, first and foremost, it’s supporting the dividend and a growing dividend.”

On the same call, management said the company aims “to dividend out 100% of our REIT taxable income each year.”

Lease Economics Backing Every Payment Adding a tenant to an existing tower costs far less than building new, so additional leases flow largely to cash. The weak spot is concentration: revenue depends on a small number of large customers. DISH-related cancellations cost the U.S. & Canada segment $63 million in Q2, with segment revenue down 2.5%. Excluding DISH churn, U.S. and Canada organic growth was approximately 5%. CoreSite offsets this, with full-year data center revenue growth guidance raised to approximately 15%.

Peers frame the choice. Crown Castle (NYSE:CCI) is a U.S. tower REIT with a heavier dividend focus, while SBA Communications (NASDAQ:SBAC) offers a lower yield and a higher growth profile. American Tower combines income with a data center engine, a mix CEO Steve Vondran describes this way:

“American Tower is uniquely positioned at the intersection of wireless, cloud, and AI.”

Debt and Rates Are the Pressure Points Heavy borrowing is structural to tower ownership. American Tower carries $37.3 billion of debt with net leverage of 4.9 times, inside its 3 to 5 times target. Refinancing at higher rates is now an approximately 150 basis point headwind to 2026 AFFO per share growth. The 10-year yield rose from a 3.97% low in February to 5.18%, and the stock is down 9.36% over the past year.

Dividend Record Shows Growth and One Reset Quarterly payments began December 2011, climbing from $0.21 in April 2012 to $1.79 in 2026. After paying $1.70 in December 2023, the company paid $1.62 per quarter through 2024, then returned to $1.70 in 2025. The 2026 increase delivered 5.3% per-share growth.

Verdict: A Durable Payout With One Number to Track American Tower’s dividend is strong enough for retirement portfolios. AFFO covers the payout with room to spare, leverage sits in range, and management expects 2026 to be a trough for attributable AFFO per share growth before mid to high single-digit growth returns. Analysts lean positive, with 7 Strong Buy, 15 Buy and 3 Hold ratings and an average target of $215.7.

The metric that would change this answer is attributable AFFO per share. If 2027 fails to deliver the promised turnaround while refinancing costs rise, the buffer under the $7.16 payout starts shrinking, and the conclusion flips. For retirees building a portfolio that throws off income without forcing share sales, a dividend ladder is the structure to study, and we walked through how to build one in a free guide here.

Contact [email protected] for any questions or corrections.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about American Tower (AMT - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

American Tower currently has an average brokerage recommendation (ABR) of 1.31, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms. An ABR of 1.31 approximates between Strong Buy and Buy.

Of the 24 recommendations that derive the current ABR, 19 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 79.2% and 8.3% of all recommendations.

Brokerage Recommendation Trends for AMT

Check price target & stock forecast for American Tower here>>>

The ABR suggests buying American Tower, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is AMT a Good Investment?In terms of earnings estimate revisions for American Tower, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $11.11.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for American Tower. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for American Tower.

BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) announced that its Board of Directors has elected Kristen M. Ludgate as a director. Ms. Ludgate most recently served as Chief People Officer of HP Inc., a global technology company, from 2021 to 2025, where she led culture, talent and organizational strategies to accelerate the company's transformation and worked closely with HP's chief executive officer and board of directors on succession, compensation and corporate strategy. Pri.

AST SpaceMobile Looks to Extend Its 30-Day FCC Satellite Testing WindowAmerican Tower NYSE: AMT CFO Rod Smith said the company expects 2026 to represent a trough year for organic tenant billings growth, with growth expected to accelerate in 2027 as customer churn moderates and wireless-network investment catalysts emerge.

Speaking at a Citi event with analyst Mike Rollins, Smith said American Tower’s near-term focus includes protecting the value of its tower contracts, controlling operating expenses and positioning its U.S., European and emerging-market assets to benefit from future network upgrades.

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Network investment catalysts AST SpaceMobile Stock Soared 12%—This Was the CatalystSmith said U.S. carriers have largely completed their initial 5G coverage deployments, reaching roughly 90% to 95% coverage. As mobile-data usage and new applications grow, he expects carriers to add capacity at existing sites and densify networks through additional colocations on towers where they do not currently operate.

He also cited expected demand for new towers to support higher-band spectrum, nearly 800 megahertz of additional spectrum expected to become available over the next several years, and the eventual transition to 6G later in the decade.

Space Race Meets Ground Reality for Tower REITsArtificial intelligence could create another source of demand, according to Smith. He said AI applications may require networks to handle more uplink traffic, rather than the current structure that largely favors downlink traffic. That change could require network upgrades that generate amendment activity for tower operators.

“We think there’s a lot of demand yet to come for our business,” Smith said, adding that American Tower’s CoreSite data-center assets are also positioned to benefit from rising bandwidth consumption and interconnected cloud demand.

Churn expected to improve after 2026 Smith said the company expects its global organic tenant billings growth to inflect higher after 2026, driven in part by the absence of recurring Dish Network churn. He also pointed to expected improvement in Latin America, contracted stability in Europe and continued network build activity from major African carriers.

In the U.S., Smith described a framework in which a 3% contractual annual escalator, combined with approximately 2.5% contribution from new business activity, would produce 5.5% growth before churn. With churn of about 1%, he said this supports organic tenant billings growth of roughly 4.5%, excluding Dish.

Smith said carrier investment is underpinned by growth in mobile-data consumption and network competition. He estimated carriers invest $30 billion to $35 billion annually in their networks, with a portion of that spending reaching tower sites through antennas, radios and related equipment.

However, he acknowledged that application volume has declined from the peak of the 5G deployment cycle. American Tower expects services revenue of about $245 million this year, down from $345 million in the prior year, reflecting lower application activity. Smith said the company does not yet see the multiyear catalysts in its current application pipeline.

Margin and AFFO outlook Smith said higher revenue conversion and expense-management efforts should support adjusted funds from operations, or AFFO, per-share growth. The company has created a global chief operating officer role focused on site operations, deployment, leasing processes and procurement efficiency.

American Tower is targeting 200 to 300 basis points of margin expansion in its tower business over the next couple of years, Smith said.

He said the company believes it can grow AFFO per share at a mid- to upper-mid-single-digit rate over time, excluding foreign-exchange effects and interest-rate headwinds. Interest rates can create about a 100-basis-point headwind, he said, while currency movements can also affect results.

CoreSite is growing at a double-digit rate, Smith said, and is expected to become a larger contributor to attributable AFFO. He added that Europe is growing faster than the U.S. based on American Tower’s portfolio and current cycle, while Africa has been producing high-single-digit to double-digit growth and Latin America is recovering.

Mexico arbitration and Dish litigation Smith said American Tower continues to await resolution of an arbitration with AT&T Mexico concerning the calculation of rent increases under its contracts. He said a decision could arrive by the end of the year or extend into next year.

AT&T Mexico is paying most of its revenue directly to American Tower while reserving approximately $8 million per quarter in escrow, according to Smith. He said the company had about $70 million reserved between the prior year and the current year. Smith characterized the potential outcomes as narrow and favorable to American Tower, while noting that the arbitrator will decide the matter.

On Dish Network, Smith said American Tower has assumed zero revenue and profit from Dish in its 2026 outlook and has not included recoveries in its balance-sheet forecasts. He said any settlement or recovery would be additive.

Smith estimated that Dish owes American Tower between $1 billion and $2 billion based on the net present value of future leasing, while American Tower’s potential share of an escrow recovery could be roughly $500 million to $600 million. He said the litigation remains ongoing.

Capital allocation and satellite outlook Smith said American Tower is comfortable operating leverage in the upper-4x range while remaining below 5x, a level he said supports its BBB+ credit rating and preserves flexibility for share repurchases or acquisitions.

The company may buy back stock when it views the valuation as attractive, he said, and continues to evaluate M&A opportunities. Smith added that American Tower could temporarily increase leverage for an acquisition before deleveraging, as it has done in the past.

Smith also said low-earth-orbit satellite services, including satellite broadband, are complementary to terrestrial networks rather than a material threat to American Tower’s tower business. While satellite service could reduce the need for some rural sites, he said any impact would be immaterial and could allow the company to redirect capital toward suburban and urban locations that support more tenants.

About American Tower (NYSE:AMT)American Tower Corporation NYSE: AMT is a global owner, operator and developer of wireless communications infrastructure. The company leases space on communications sites, including towers, rooftops and other structures, to wireless carriers, broadcasters, government agencies and other customers. Its infrastructure supports wireless networks and the transmission of voice, data and video services.

In addition to traditional macro towers, American Tower provides distributed antenna systems and other in-building or venue-based communications solutions designed to improve wireless coverage and capacity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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American Tower (AMT - Free Report) ended the recent trading session at $172.98, demonstrating a -1.4% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.59%. Meanwhile, the Dow experienced a drop of 0.6%, and the technology-dominated Nasdaq saw a decrease of 0.65%.

Shares of the wireless communications infrastructure company have appreciated by 2.93% over the course of the past month, outperforming the Finance sector's loss of 1.37%, and the S&P 500's loss of 1.37%.

The upcoming earnings release of American Tower will be of great interest to investors. It is anticipated that the company will report an EPS of $2.82, marking a 1.44% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $2.77 billion, showing a 2.06% escalation compared to the year-ago quarter.

AMT's full-year Zacks Consensus Estimates are calling for earnings of $11.07 per share and revenue of $11.04 billion. These results would represent year-over-year changes of +2.88% and +3.68%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for American Tower. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.2% higher. Right now, American Tower possesses a Zacks Rank of #3 (Hold).

In terms of valuation, American Tower is currently trading at a Forward P/E ratio of 15.85. This valuation marks a premium compared to its industry average Forward P/E of 12.52.

Investors should also note that AMT has a PEG ratio of 2.75 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the REIT and Equity Trust - Other industry was having an average PEG ratio of 2.33.

The REIT and Equity Trust - Other industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 94, placing it within the top 39% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

American Tower Corporation (AMT) Presents at Goldman Sachs Communacopia + Technology Conference 2026 Transcript

American Tower (AMT - Free Report) closed the most recent trading day at $172.92, moving -1.76% from the previous trading session. This change lagged the S&P 500's daily gain of 0.46%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 0.45%.

Heading into today, shares of the wireless communications infrastructure company had gained 0.44% over the past month, outpacing the Finance sector's loss of 0% and lagging the S&P 500's gain of 2%.

Analysts and investors alike will be keeping a close eye on the performance of American Tower in its upcoming earnings disclosure. The company is expected to report EPS of $2.82, up 1.44% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $2.77 billion, reflecting a 2.06% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $11.07 per share and revenue of $11.04 billion, which would represent changes of +2.88% and +3.68%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for American Tower. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.2% higher within the past month. Right now, American Tower possesses a Zacks Rank of #2 (Buy).

With respect to valuation, American Tower is currently being traded at a Forward P/E ratio of 15.9. This valuation marks a premium compared to its industry average Forward P/E of 12.72.

It is also worth noting that AMT currently has a PEG ratio of 2.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The REIT and Equity Trust - Other industry currently had an average PEG ratio of 2.43 as of yesterday's close.

The REIT and Equity Trust - Other industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 88, finds itself in the top 36% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow AMT in the coming trading sessions, be sure to utilize Zacks.com.

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New Capability Provides Customers with Increased Security, Enhanced Performance, and Reduced Latency for High-Density, Critical Workloads

Expanded Access to Oracle Cloud Supports Multicloud and AI Architectures Through CoreSite’s Open Cloud Exchange®

SANTA CLARA, Calif.--(BUSINESS WIRE)--CoreSite, an American Tower company (NYSE: AMT) and Oracle partner that provides interconnected data center solutions, today announced it will offer connectivity to Oracle Cloud through a new Oracle Cloud Infrastructure (OCI) FastConnect on-ramp to the Oracle Cloud San Jose Region at CoreSite's Silicon Valley data center campus. With this launch, CoreSite now provides direct, private connectivity to four commercial OCI regions in the U.S., enabling its customers to securely connect their colocation environments and mission-critical workloads to OCI with predictable performance, dedicated bandwidth, and reduced latency.

CoreSite today announced it will offer connectivity to Oracle Cloud through a new Oracle Cloud Infrastructure (OCI) FastConnect on-ramp to the Oracle Cloud San Jose Region.

ShareBy leveraging OCI FastConnect, CoreSite customers can improve the performance and resiliency of their multicloud applications through multiple connections to the same OCI region. Direct connectivity to four U.S. OCI regions also gives CoreSite customers additional flexibility to design architectures supporting geographic redundancy, disaster recovery, and distributed applications.

CoreSite also offers connectivity to Oracle through dedicated fiber and its Open Cloud Exchange®, a software-defined interconnection platform that enables CoreSite customers to provision private, on-demand connections between cloud providers, locations, and hybrid IT environments. Together, these capabilities can help simplify access to OCI and support connectivity across CoreSite's network-rich ecosystem of cloud, carrier, and enterprise partners.

The launch is particularly relevant for enterprises and digital platforms operating in Silicon Valley, where proximity to the Oracle Cloud San Jose Region and a highly interconnected digital ecosystem can support a range of deployment requirements. Potential use cases include real-time streaming, ad-tech, AI inferencing, and cross-cloud application architectures.

“The digital economy depends on fast, secure, and robust connectivity between enterprise infrastructure, cloud platforms, and increasingly AI-driven applications,” said Maile Kaiser, chief revenue officer, CoreSite. “By extending Oracle Cloud Infrastructure FastConnect to our Silicon Valley campus and now four U.S. Oracle Cloud Infrastructure regions, CoreSite provides customers greater architectural flexibility to deploy applications where it makes sense for their business while helping them simplify multicloud strategies, strengthen resilience, and adapt to evolving business demands.”

With OCI, customers benefit from best-in-class security, consistent high performance, global pricing, and the tools and expertise needed to bring enterprise workloads to the cloud quickly and efficiently. In addition, OCI gives organizations flexible, high-performance connectivity options from anywhere in the world through an extensive ecosystem of more than 110 OCI FastConnect global and regional partners that provide dedicated connectivity to Oracle Cloud Regions and services.

OCI is designed to run any application faster, and more securely, for less. As the only hyperscaler capable of delivering 200+ AI and cloud services at the edge, in a customer’s datacenter, across clouds, or in the public cloud, OCI also helps address a variety of data privacy, sovereign AI, and low latency requirements. In addition, Oracle’s distributed cloud delivers the benefits of the cloud with greater control and flexibility while also providing the consistent performance, SLAs, and global pricing for which OCI has become known.

About CoreSite

CoreSite, an American Tower company (NYSE: AMT), is a leading interconnection data center platform that empowers businesses to future-proof their digital transformation initiatives. For more than 20 years, CoreSite’s purpose-built, highly interconnected data center campuses and team of experts have delivered the cloud-enabled, resilient and flexible digital ecosystems required for customers to quickly scale and interoperate their businesses to support the increasing demands of critical workloads, like AI and high-density applications. For more information, visit CoreSite.com and follow CoreSite on our Connect[ED] blog, LinkedIn and YouTube channels.

About Oracle’s Partner Program

The Oracle PartnerNetwork (OPN) program helps Oracle and its partners drive joint customer success and business momentum. Oracle’s partner program provides partners with choice and flexibility, offering several program pathways and a robust range of foundational benefits spanning training and enablement, go-to-market collaboration, technical accelerators, and success support. To learn more, visit https://www.oracle.com/partner/.

Trademarks

Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

Forward-Looking Statements

This press release contains statements about future events and expectations, or “forward-looking statements,” all of which are inherently uncertain. We have based those forward-looking statements on management’s current expectations and assumptions and not on historical facts. These forward-looking statements involve a number of risks and uncertainties. For important factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information set forth under the caption “Risk Factors” in Item 1A of American Tower’s most recent annual report on Form 10-K, and other risks described in documents American Tower subsequently files from time to time with the Securities and Exchange Commission. Neither we nor American Tower undertake any obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

More News From CoreSite

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It has been about a month since the last earnings report for American Tower (AMT - Free Report) . Shares have lost about 2% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is American Tower due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for American Tower Corporation before we dive into how investors and analysts have reacted as of late.

American Tower Q2 AFFO Meets Estimates, Revenues Beat, '26 View UpAmerican Tower Corporation reported second-quarter 2026 adjusted funds from operations (AFFO) per share of $2.71, matching the Zacks Consensus Estimate. The metric increased 4.2% from the year-ago quarter.

Total revenues rose 4.7% year over year to $2.75 billion, surpassing the consensus mark by 1.5%. Results benefited from higher property revenues, robust global leasing activity and continued data center growth.

American Tower’s Property Portfolio Drives Revenue GrowthTotal property revenues increased 6.3% year over year to $2.69 billion. Property operations remained the company’s primary growth engine, supported by tower leasing demand and expansion across its data center platform.

Total tenant billings grew 2.4%, while organic tenant billings rose $34 million. Property gross margin expanded 4.9% to $1.98 billion, with the property gross margin standing at 73.7%.

American Tower Benefits From Data Center DemandData center revenues increased 13.4% year over year to $297 million. Cash revenues jumped 12.3%, reflecting healthy customer demand and strong leasing activity at CoreSite.

Management highlighted record leasing activity in the business. The company now expects data center property revenue growth of 14.9% at the midpoint of its updated 2026 outlook, indicating faster growth than anticipated earlier in the year.

American Tower Posts Broad Regional Leasing TrendsOrganic tenant billings growth, excluding the impact of DISH churn, was approximately 4% globally. Africa & APAC delivered a 10.6% rise, while Europe recorded an increase of 4.1%.

U.S. & Canada organic tenant billings grew 0.7% on a reported basis but were approximately 5% when excluding DISH churn. Latin America declined 2.4%, reflecting softer tenant billing trends in the region.

American Tower Generates Strong Cash FlowCash provided by operating activities increased 16% year over year to $1.49 billion. After total cash capital expenditures of $329 million, free cash flow climbed 19.6% to $1.16 billion.

The company declared a quarterly distribution of $1.79 per share, up 5.3% from the prior-year period. It also repurchased approximately 0.1 million shares for about $19 million during the quarter.

American Tower Maintains Financial FlexibilityAmerican Tower ended June with net debt of $35.43 billion, resulting in a net leverage ratio of 4.9 times annualized adjusted EBITDA.

Total liquidity stood at approximately $9.9 billion. This included nearly $1.8 billion in cash and roughly $8.2 billion available under revolving credit facilities, net of outstanding letters of credit.

American Tower Raises Its 2026 OutlookAmerican Tower raised the midpoint of its full-year property revenue outlook by $110 million. Property revenues are now projected between $10.70 billion and $10.85 billion, implying 4.5% growth at the midpoint. AFFO per share is projected between $11 and $11.17.

The updated outlook reflects favorable currency movements, data center outperformance and one-time expense benefits. The company also expects approximately 1% organic tenant billings growth, or roughly 4%, excluding DISH churn, along with about 15% data center revenue growth.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.

VGM ScoresAt this time, American Tower has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, American Tower has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAmerican Tower is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, Digital Realty Trust (DLR - Free Report) , a stock from the same industry, has gained 2.8%. The company reported its results for the quarter ended June 2026 more than a month ago.

Digital Realty Trust reported revenues of $1.92 billion in the last reported quarter, representing a year-over-year change of +28.9%. EPS of $1.21 for the same period compares with $1.87 a year ago.

For the current quarter, Digital Realty Trust is expected to post earnings of $1.98 per share, indicating a change of 0% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days.

Digital Realty Trust has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

Treasury’s pivot toward long-bond buybacks gives duration buyers their first clear green light in months — and the November midterms may add a second leg.

Key takeaways Treasury’s decision to at least double 10- to 30-year buybacks is a policy signal, not a technical footnote. It argues for adding duration and positioning for a flatter curve. History is on the side of the muni bid into year-end. Across 22 election cycles since 1982, the outcomes in which Republicans lose at least one chamber have been among the friendliest for 10-year AAA MMD. Credit is past peak but not impaired. The combined Moody’s/S&P upgrade-to-downgrade ratio fell to 0.7-to-1 in 2Q26, and multi-notch downgrades hit their highest level since 3Q18. Municipals are not cheap. Investment grade spreads sit in the 8th percentile of their 52-week range, so this is a rate and curve trade, not a spread trade. Why Are Municipal Bonds Moving Again After a Quiet Summer? Municipals spent the summer going nowhere in particular. That looks to be ending. On Wednesday August 19, the U.S. Treasury announced it will at least double its purchases of 10- to 30-year bonds — a deliberate attempt to pull down the long end while the department continues to fund itself at the front. The closest analog is the Federal Reserve’s 2011 “Operation Twist,” with one important difference: this time the twist is being engineered by the issuer rather than the central bank.

The market reaction was immediate and lopsided. Over the week ended August 19, 10- and 30-year Treasury yields fell 3bp and 5bp, respectively, while 10- and 30-year AAA MMD cheapened 7bp. That divergence cost tax-exempt investors: the ICE BofA Municipal Master Index returned -0.39% for the week, roughly 80bp behind Treasuries, corporates and taxable munis, and August month-to-date performance of 0.41% now trails those sectors by more than 30bp. Tax-exempt investment grade is still ahead year-to-date, but the cushion is thinner than it was two weeks ago.

We read the lag as an opportunity rather than a warning. Near-record short positioning in ultra-long bond futures had built through the bear-steepening episode that began in mid-June, and Treasury’s announcement is the kind of catalyst that forces that positioning to unwind. Municipals typically follow, with a delay.

What Does a Flatter Yield Curve Mean for Muni Duration? What that means for portfolios: consider adding duration while yields are still high and position for a potentially flatter curve. The AAA curve remains steep by any recent standard, with 1s30s at 210bp and 1s10s at 88bp, both at or near their three-month wides. Investors are being paid unusually well to extend.

Valuation is the one place to be careful. Muni/Treasury ratios sit at 61.2% in 3 years, 71.2% in 10 and 87.0% in 30 — neutral against three-year history, with the 10-year point modestly cheap on a three-month basis. Investment grade spreads of 13bp sit in the 8th percentile of their 52-week range and high yield spreads of 153bp in the 15th. Municipals are not cheap. The case for owning them here is rate direction and curve shape, not spread compression.

How Do Midterm Elections Affect Municipal Bond Yields? Roughly 470 Congressional seats are on the ballot November 3. Midterms are historically unkind to the party in power, and current polling reflects that: the RealClearPolitics generic ballot favors Democrats by 6.4 points, and seven in ten fund managers in BofA’s August Global Fund Manager Survey expect Democrats to take the House. A split outcome — Democratic House, Republican Senate — is the single most-expected result, at 47%.

That matters for tax-exempt rates. Looking at 10-year AAA MMD across the last 22 election cycles, the “unified Republican control going in, at least one chamber lost coming out” scenario has been among the most bullish in the sample: yields drift modestly higher into election day, then grind steadily lower, finishing roughly 13% below election-day levels about 35 days out. A status-quo outcome has historically done the opposite, cheapening about 9% over the same window.

We would not overtrade this. The bullish scenario rests on just two cycles — 2000 and 2018 — and in both, the real driver was arguably a growth scare and a Fed pivot rather than the election itself. The same caveat applies to 1986 and 2020. Election-year seasonality is a supporting argument for extending duration, not the reason to do it. Worth flagging as well: BofA’s economists still see the Fed hiking 75bp before year-end, a view 72% of surveyed fund managers do not share ahead of the election. That is a real two-sided risk to the duration call.

Is the Muni Credit Cycle Turning? What the Downgrade Data Shows The rating cycle has clearly turned. Moody’s and S&P combined for 223 upgrades against 314 downgrades in 2Q26 — a 0.7-to-1 ratio, down sharply from 1.2-to-1 in 1Q26. Moody’s ran slightly more constructive than S&P at 0.8-to-1 versus 0.6-to-1, but 2Q26 was Moody’s first quarter since 2Q25 with more downgrades than upgrades. More notable, Moody’s recorded 25 multi-notch downgrades in the quarter, the most since 3Q18.

The concentration is the useful signal. Of those 25, seventeen were school districts and five were cities. Across the first half of 2026, school districts accounted for 64% of multi-notch downgrades and cities 17%, while healthcare — 43% of the total in 2022 — fell to zero. Recent single-name actions fit the pattern: Moody’s cut Baltimore one notch to Aa3 on declining fund balances and cash levels, and S&P took San Diego County Water Authority down two notches to AA on member credit erosion and rising costs.

None of this is a systemic credit story. State revenues remain healthy — among 26 states reporting July collections, the median gain was 7.4% year-over-year, with corporate collections up 34.3% and sales up 10.1% on a median basis. The distress that does exist is idiosyncratic and concentrated in small, rural providers: the third Chapter 9 filing of 2026, Nebraska’s Garden County Health Services, was a 10-bed critical access hospital, and four of the eight Chapter 9 petitions since the start of 2024 have been rural healthcare operators.

Which VanEck Muni ETFs Align With a Duration-Extension View?Pulling the rate call and the credit call together: the analysis points toward higher-grade, longer-duration exposure and away from territories, small private colleges and rural single-facility hospitals— the three places where the downgrade cycle is doing real damage. VanEck’s municipal ETF lineup offers a reasonably direct way to express each leg of that view.

Extending duration. The VanEck Long Muni ETF (MLN) is the most closely aligned with this view. It targets the long end of the AMT-free investment grade curve, which is exactly where Treasury’s buyback expansion should exert the most pull and where a flattening curve pays off most. The VanEck Intermediate Muni ETF (ITM) is the more moderate version of the same trade — meaningful duration without taking the full ride on 30-year paper.

Funding the extension. With 1s30s at 210bp, the front end is where investors are being compensated least for the risk they hold. The VanEck Short Muni ETF (SMB) offers shorter-duration exposure for investors who prefer to limit rate risk..

Credit exposure, handled carefully. The VanEck High Yield Muni ETF (HYD) and VanEck Short High Yield Muni ETF (SHYD) provide tax-exempt spread income, and HYD carries duration alongside it. But this is where we would be most deliberate. High yield spreads of 153bp sit in the 15th percentile of their 52-week range, so there is limited compensation for the credit cycle turning — and the sectors driving multi-notch downgrades, including small private colleges and rural hospitals, are precisely the ones that populate high yield municipal benchmarks. SHYD’s shorter profile reduces the rate risk but not the credit question. We would size high yield for income, not for spread compression, and treat it as a satellite rather than the core of a Fall rally position.

Amplified beta. For investors who want a levered read on the rally, the VanEck CEF Muni Income ETF (XMPT) holds closed-end municipal funds that typically trade at discounts to NAV and employ leverage. Both features amplify returns in a rally — and both cut the other way if the Fed hike our economists still expect arrives instead. It is the highest-conviction, highest-volatility way to own this view.

Where Are Municipal Bonds Headed in Fall 2026? The summer range has broken, and it broke in the direction that favors duration. Treasury’s buyback expansion is a policy tailwind, and the election calendar historically adds a second leg into year-end. Spreads offer little, so this is a rates and curve trade — the case favors higher-grade, longer-maturity exposure and selectivity in the sectors where ratings are deteriorating.

By Michael Cohick

Originally published August 26, 2026

IMPORTANT DISCLOSURES

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

The yields and market values of municipal securities may be more affected by changes in tax rates and policies than similar income-bearing taxable securities. Certain investors’ incomes may be subject to the Federal Alternative Minimum Tax (AMT) and taxable gains are also possible.

An investment in the Funds may be subject to risks which include, but are not limited to, risks related to municipal securities, high yield securities, credit, interest rate, state, call, private activity bonds, industrial development bond, special tax bond, market, operational, sampling, index tracking, tax, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares and concentration risks, all of which may adversely affect the Funds. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities.Municipal bonds may be less liquid than taxable bonds. A portion of the dividends you receive may be subject to the federal alternative minimum tax (AMT). There is no guarantee that the Funds’ income will be exempt from federal, state or local income taxes, and changes in those tax rates or in alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax. Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs. Please read the prospectus and summary prospectus carefully before investing.

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Bank of Nova Scotia lessened its stake in American Tower Corporation (NYSE:AMT – Free Report) by 10.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 126,293 shares of the real estate investment trust’s stock after selling 15,449 shares during the quarter. Bank of Nova Scotia’s holdings in American Tower were worth $20,718,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Compass Financial Management LLC purchased a new stake in shares of American Tower in the 2nd quarter valued at approximately $49,000. Alta Advisers Ltd raised its holdings in shares of American Tower by 28.0% in the 2nd quarter. Alta Advisers Ltd now owns 2,109 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 461 shares in the last quarter. Stiles Financial Services Inc lifted its position in shares of American Tower by 3.9% during the 2nd quarter. Stiles Financial Services Inc now owns 13,062 shares of the real estate investment trust’s stock worth $2,137,000 after purchasing an additional 485 shares during the last quarter. Commerce Bank grew its stake in shares of American Tower by 7.3% during the second quarter. Commerce Bank now owns 36,835 shares of the real estate investment trust’s stock worth $6,025,000 after purchasing an additional 2,491 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of American Tower by 2.0% during the second quarter. Gabelli Funds LLC now owns 116,640 shares of the real estate investment trust’s stock worth $19,079,000 after purchasing an additional 2,250 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets A number of analysts have weighed in on AMT shares. BMO Capital Markets raised their price target on American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Mizuho set a $208.00 price objective on American Tower in a research report on Thursday. Scotiabank reiterated an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. The Goldman Sachs Group set a $210.00 target price on American Tower in a research report on Tuesday, July 28th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $214.00 target price on shares of American Tower in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $215.29.

Get Our Latest Stock Analysis on AMT American Tower Trading Up 0.3% NYSE AMT opened at $176.36 on Monday. The firm’s fifty day moving average price is $171.26 and its 200 day moving average price is $177.78. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $82.18 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90.

American Tower (NYSE:AMT – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the previous year, the company earned $2.60 earnings per share. American Tower’s quarterly revenue was up 4.6% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. On average, sell-side analysts expect that American Tower Corporation will post 10.8 earnings per share for the current fiscal year.

Insider Buying and Selling In other news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president owned 27,711 shares in the company, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 in the last 90 days. 0.08% of the stock is currently owned by company insiders.

About American Tower (Free Report)

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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TORONTO, ON / ACCESS Newswire / August 19, 2026 / AmeriTrust Financial Technologies Inc. (TSXV:AMT)(OTCQB:AMTFF)(Frankfurt:1ZV) ("AmeriTrust", "AMT" or the "Company"), a fintech platform focused on automotive finance, today announced that AmeriTrust Auto, a wholly owned subsidiary of the Company, has received a Texas Dealer License and Texas Lease Facilitators License. AmeriTrust Auto is advancing an integrated lease-retention and remarketing strategy designed to create value for dealer partners, lessors, and customers throughout the lease lifecycle.

The licenses represent an important first step in establishing AmeriTrust Auto's new vehicle remarketing business and expanding its ability to immediately conduct lease-related vehicle disposition activities in Texas, one of the largest automotive markets in the United States, and the location of the Company's Head Office. AmeriTrust Auto is currently implementing its lease-retention and remarketing strategy in Texas and subject to the applicable licensing and regulatory requirements, will expand the model into additional U.S. states.

Jeff Morgan, Chief Executive Officer of AmeriTrust, commented:

"In most cases, AmeriTrust Auto enables its dealer partners to acquire lease-return vehicles at lease maturity. This retention strategy helps dealers address inventory needs while creating an opportunity to bring an active, in-market lease customer back into the dealership. When circumstances fall outside the traditional lease-return process-including early repossessions, vehicles with residual values or payoffs that exceed what a dealer is willing to pay, customers who relocate outside a dealer's market, or customer disputes and lease-return challenges-AmeriTrust Auto applies a tailored remarketing strategy to maximize the value of each vehicle.

This approach is designed to optimize vehicle disposition, increase remarketing revenue, and reduce cumulative net losses. By providing a structured solution for vehicles that may otherwise present challenges for lessors, AmeriTrust Auto can also help reduce downstream collections activity and disputes with its original lessor.

AmeriTrust Auto also plans to extend its remarketing strategy and enhanced customer experience through AmeriTrust Serves, creating an additional benefit for future lending partners and their independent lease and loan portfolios. The goal is to provide lending partners with a comprehensive servicing and remarketing solution that supports customers from lease origination through vehicle return and disposition.

By integrating customer experience, dealer relationships, servicing, and remarketing into a single strategy, AmeriTrust Auto has developed an efficient, and customer-focused approach to the complete lease lifecycle."

About AmeriTrust Financial Technologies Inc.

AmeriTrust Financial Technologies Inc., listed on the TSX Venture Exchange, OTCQB, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. AmeriTrust's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. AmeriTrust's platform is being made available across the United States.

For further information, please visit the AmeriTrust website or contact:

Shibu Abraham
Chief Financial Officer and Director
E: [email protected]
P: 1-800-600-6872

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, the intention to grow the business, operations, and existing and potential activities of the Company, future prospects of the Company, the ability of the Company to execute on its business plan and the anticipated benefits of the Company's business plan, negotiations with potential funding partners and the ability of the Company to secure additional funding, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: AmeriTrust Financial Technologies Inc.

BIP Wealth LLC bought a new stake in American Tower Corporation (NYSE: AMT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,137 shares of the real estate investment trust's stock, valued at approximately $1,004,000. Several other institutional investors and hedge funds have

Investors in American Tower Corporation (AMT - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jan. 15, 2027 $90.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for American Tower shares, but what is the fundamental picture for the company? Currently, American Tower is a Zacks Rank #3 (Hold) in the REIT and Equity Trust - Other industry that ranks in the Top 33% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimate for the current quarter, while two have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $2.81 per share to $2.82 in that period.

Given the way analysts feel about American Tower right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

American Tower Corporation (AMT) Presents at TD Cowen 12th Annual Communications Infrastructure Summit Transcript

Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to announce the completion of a 21.3 line-kilometre Controlled-Source Audio Magnetotellurics ("CSAMT") and natural source (AMT) geophysical survey at the Mizobe Project in Kyushu, Japan.

The completed CSAMT/AMT survey has provided comprehensive subsurface resistivity imaging across the project and represents the next phase of exploration at the Mizobe Project.

The CSAMT/AMT survey results have been integrated with recently completed gravity and magnetic inversion models, structural interpretations, and results from the Company's 2023 and 2025 drilling programs to generate a refined geological model of the Mizobe Project. The resulting geological model has significantly improved the Company's understanding of the geological framework, including structures and potential hydrothermal fluid pathways associated with gold mineralization beneath post-mineral volcanic cover.

This enhanced geological model provides a strong foundation for the next phase of exploration and will be used to refine existing targets, identify additional high-priority drill targets, and finalize a multi-target drill program to systematically test the most prospective zones for concealed epithermal gold mineralization.

The Mizobe Project is a key exploration priority for the Company and is located approximately 23 kilometres south of the world-class Hishikari Mine, where more than 8.76 Moz of gold have been produced since 1985 by Sumitomo Metal Mining Co., Ltd.[1]

Previous drilling has confirmed significant hydrothermal alteration and gold mineralization beneath post-mineral volcanic cover, supporting the Company's interpretation of a concealed epithermal gold system. Results include an intercept of 10.0 metres grading 4.27 g/t gold from 122.75 metres in drill hole MZDD23-003 (see news release dated June 28, 2023).

Figure 1: Map of the Mizobe Project showing the location of the recently completed 21.3 line-kilometre CSAMT/AMT survey grid.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5665/308993_2043cc74847b2b78_001full.jpg

Qualified Person

The technical information in this news release has been reviewed and approved by Japan Gold's Vice President of Exploration, Jason Letto, B.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101.

About Japan Gold Corp.

Japan Gold Corp. is a Canadian mineral company focused on the exploration and discovery of high-grade epithermal gold deposits across the main islands of Japan. The Company holds a significant portfolio of tenements covering areas with known gold occurrences, history of mining and prospective for high-grade epithermal gold mineralization in one of the most stable and under explored countries in the world. The Japan Gold leadership and operational team of geologists, drillers and technical advisors have extensive experience exploring and operating in Japan and have a track record of discoveries world-wide.

On behalf of the Board of Japan Gold Corp.
John Proust
Chairman & CEO

For further information, please contact:
Alexia Helgason
Vice President, Corporate Communications
Phone: +1(604) 417-1265
Email: [email protected]

Cautionary Note

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements relating to expected or anticipated future events, including the results of the geophysical survey. These statements are forward-looking in nature and, as a result, are subject to certain risks and uncertainties that include, but are not limited to, general economic, market and business conditions, the stability of the financial and capital markets; the timing and granting of prospecting rights; the Company's ability to convert prospecting rights into digging rights within the timeframe prescribed by the Mining Act; competition for qualified staff; the regulatory process and actions; technical issues; new legislation; potential delays or changes in plans; working in a new political jurisdiction; results of exploration; and the occurrence of unexpected events. Actual results achieved may differ from the information provided herein and, consequently, readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this News Release. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable laws.

[1] Sumitomo Metal Mining Co., LTD. Integrated Report, September 2025

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308993

Source: Japan Gold Corp.

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American Tower (AMT - Free Report) closed the last trading session at $168.07, gaining 1.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $213.96 indicates a 27.3% upside potential.

The mean estimate comprises 24 short-term price targets with a standard deviation of $19.54. While the lowest estimate of $178.00 indicates a 5.9% increase from the current price level, the most optimistic analyst expects the stock to surge 54.7% to reach $260.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for AMT, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Here's Why There Could be Plenty of Upside Left in AMTAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The Zacks Consensus Estimate for the current year has increased 1.1% over the past month, as two estimates have gone higher compared to no negative revision.

Moreover, AMT currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much AMT could gain, the direction of price movement it implies does appear to be a good guide.