Analyst Note| Matthew Dolgin, CFA |
American Tower’s first-quarter revenue fell slightly below Visible Alpha consensus estimates, as currency headwinds were greater than anticipated. Adjusted funds from operations and EBITDA nonetheless came in well higher than consensus, largely due to cost savings. The firm slightly reduced its full-year revenue outlook while maintaining its assumption for organic tenant billings growth and raising its adjusted EBITDA and AFFO outlooks. We don’t expect to materially change our $190 fair value estimate, and although American Tower is the tower firm we’d be most interested in on an industrywide pullback, we think it’s too expensive at current levels.