Opportunity in International Markets Set American Tower Apart; We Don’t Like Its Move Out of India

We think American Tower's strategy to diversify its tower portfolio globally is a good one, as the firm is primed to benefit from the continually increasing demand in mobile data worldwide. However, we think the firm “sold low” in agreeing to divest its India business and will miss out on significant potential in that country. We also don’t think the firm will be helped by veering into the data center business as it did in 2022.