American Tower Earnings: Performance Remains Good Despite a Challenging Environment

American Tower's first-quarter results were impressive considering the headwinds facing tower providers. Management sounded optimistic that leasing activity is improving, though the firm maintained its full-year leasing outlook. Increased guidance for property revenue and EBITDA stems from a partial reversal of revenue reserves that the firm had previously written off from a tenant in India which more than make up for greater currency headwinds than management previously expected. With performance like this coming in a difficult environment, we remain very optimistic about American Tower's opportunity when conditions improve, which we fully expect will happen. We're maintaining our $215 fair value estimate and think the stock is very attractive.