Movement Alert｜American Tower Falls 3.21% in Regular Trading, JPMorgan Cuts Price Target After Earnings

Market Focus10-28

On October 28, American Tower fell 3.21% in Regular Trading, trading at $178.045 per share, with turnover of $66.1771 million.

The clearest recent catalyst was a same-day target-price cut by JPMorgan, which lowered its price target on American Tower to $230 from $240, even as the stock continued to trade below the broader analyst mean target of $214.86.

That follows the company’s third-quarter results released on October 27: adjusted funds from operations were $2.87 per share on revenue of $2.79 billion, both above consensus, but full-year AFFO guidance was narrowed to $11.04-$11.16 from $11.00-$11.17, with the midpoint roughly in line with expectations. The company also disclosed about $315 million of buybacks in the quarter and authorized an additional $2 billion repurchase program, yet the narrowed guidance appeared to keep investors cautious.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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