American Tower Corporation (AMT)

In the Bull scenario, CoreSite data center expansion accelerates organic revenue growth beyond 15%, leveraging its highly interconnected ecosystem and capacity expansion runway. Simultaneously, domestic wireless carriers transition from initial 5G coverage into intensive network densification, deploying mid-band C-band spectrum onto existing macro towers. Operating leverage expands tower operating margins by 200 to 300 basis points by 2030, supporting intrinsic value toward the high end of our fair value range ($164.25).

• CoreSite data center organic revenue growth accelerates to 17%+, supported by pipeline to triple capacity.
• Carrier C-band densification drives colocation additions, expanding tower operating margins by 200-300 bps by 2030.
• DISH churn and refinancing headwinds subside post-2026, allowing FX-neutral attributable AFFO per share growth to re-accelerate toward 7%.