American Tower Reports a Good Q4 and Offers an Encouraging 2023 Outlook; FVE Up to $220

American Tower's fourth-quarter results had few surprises, but the 2023 outlook is better than we expected and surpassed those of United States peers. Internationally, many moving parts—notably inflation, market consolidation, and one carrier’s financial difficulties—led to volatility in 2022 results and the 2023 outlook. Long term, we still like American Tower’s international diversification, and current U.S. strength only enhances its standing as our favorite U.S. tower company. We’re raising our fair value estimate to $220 from $210.