Goldman Sachs Initiates Coverage of American Tower (AMT) with Buy and $215 Target

American Tower (AMT) returns to the spotlight after Goldman Sachs issued a new “Buy” recommendation and set a $215 price target.

Global Dominance in Tower Operations

Goldman Sachs positions American Tower as the world’s leading tower‑asset operator, basing its view on the company’s balanced portfolio across the United States, Europe and emerging markets, as well as the rapid expansion of its data‑center business.

■Over 149,000 communications sites underpin a massive infrastructure.

■The CoreSite data‑center segment targets annual growth of 8‑10%.

■Geographic diversification acts as a buffer against regional market swings.

Resolution of the EchoStar Dispute and Revenue Clarity

The firm cleared a major uncertainty by resolving the EchoStar contract issue.

■2% of consolidated property revenue removed from the 2026 outlook.

■4% of U.S. and Canada property revenue taken out of the same outlook.

■This step substantially reduced stock‑price uncertainty.

Mid‑Term AFFO Growth Outlook

Goldman forecasts mid‑to‑high single‑digit AFFO per‑share growth for American Tower over the medium term.

■Domestic leasing activity remains steady.

■International operations are expected to accelerate.

■The data‑center segment is gaining momentum.

Bora Yalın – Lead Researcher, International Capital Flows: Goldman’s new “Buy” call fits the broader REIT rotation narrative, reinforcing a risk‑on environment. Tower assets serve as a safe‑haven for hedge funds shifting toward fixed‑income‑like returns in a low‑rate backdrop. The removal of the EchoStar uncertainty clears a short‑term hurdle, while the data‑center expansion aligns with rising digital‑infrastructure demand, bolstering long‑term value creation for American Tower.