American Tower Earnings: Generally Good Results and Outlook Amid Various Headwinds

Despite the recent slowdown in US wireless carrier spending and industry consolidation in several countries, American Tower capped a solid 2023 with a good fourth quarter, and the firm’s growth outlook for 2024 is mostly encouraging. The market may be disappointed with a dividend payment that will tick down in 2024 from the annualized fourth-quarter level, but we view this positively as well, as it should help the company strengthen its balance sheet. We are maintaining our $215 fair value estimate and think the stock is attractive.