American Tower reports Q1 Tuesday amid light short interest and neutral options sentiment. Analysts lean bullish with a $215 mean target, but recent downgrades point to regional headwinds.
Short interest stands at 6.78 million shares as of April 23, or 1.45% of float. That's down 1.6% over one day and off 0.8% over the past week. Days to cover sits at 2.24 per FINRA's April 15 settlement. Cost to borrow jumped 73% week-over-week to 0.43%, though the absolute level remains low. Utilisation fell to 0.32% from 0.50% a week ago, well below the 52-week high of 1.44%. Borrowing remains easy and short positioning light.
The put-call ratio printed 1.016 on April 24, in line with the 20-day mean of 1.006. The z-score of 0.09 signals no unusual directional bias. PCR has ranged between 0.44 and 1.26 over the past year, and current levels sit near the midpoint. Options traders show no strong conviction ahead of the print.
AMT carries a buy consensus from 13 buy and 7 hold ratings. The mean price target of $215 implies upside from current levels. Mizuho upgraded to Outperform with a $205 target on April 15, citing improving fundamentals. Truist initiated coverage at Buy/$205 on March 31. Barclays cut its target to $195 from $200 on April 16, maintaining Equal-Weight. Morgan Stanley, Scotiabank, and UBS each trimmed targets post-February earnings, reflecting tempered growth expectations. Benzinga's bull case notes CoreSite's projected 12.5% revenue growth driven by AI workloads and enterprise cloud migration. The bear case highlights organic revenue declines in Latin America, particularly high churn in Brazil, plus the $200 million DISH revenue removal that pressured EBITDA assumptions.
The P/E multiple of 27.0 rose 1.6 points over the past month. EV/EBITDA climbed to 18.5, up 0.10 points in 30 days. AMT ranks in the 67th percentile on EPS surprise and 66th on forward EPS growth momentum. Analyst recommendation divergence scores 99th percentile, signalling wide Street disagreement.
Insiders sold $31.5 million net over the past 90 days, led by CEO Steven Vondran's $2.8 million sale on March 10. Director Rajesh Kalathur bought $495k worth on the same day. Vanguard added 2.15 million shares in Q1, lifting its stake to 13.7%. BlackRock, State Street, and Geode each increased positions modestly.
AMT closed at $178.21 on April 24, down 0.45% on the day and off 2.3% over the past week. The stock rose 4.6% over one month. Recent earnings history shows volatility: the stock has swung on guidance adjustments and regional performance commentary.
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