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American Tower (AMT) Surges 3.3%: Is This an Indication of Further Gains?
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American Tower (AMT - Free Report) shares ended the last trading session 3.3% higher at $189.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 27% loss over the past four weeks.
The increased optimism in the stock arises from the increase in demand for tower leasing amid the global 5G deployment efforts by wireless carriers and escalating wireless connectivity usage.
This wireless communications infrastructure company is expected to post quarterly funds from operations (FFO) of $2.42 per share in its upcoming report, which represents a year-over-year change of -2.8%. Revenues are expected to be $2.67 billion, up 8.7% from the year-ago quarter.
While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.
For American Tower, the consensus FFO per share estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in FFO estimate revision usually translates into price appreciation. So, make sure to keep an eye on AMT going forward to see if this recent jump can turn into more strength down the road.
American Tower is a member of the Zacks REIT and Equity Trust - Other industry. One other stock in the same industry, Welltower (WELL - Free Report) , finished the last trading session 2.2% higher at $59.17. WELL has returned -21.7% over the past month.
Welltower's consensus FFO per share estimate for the upcoming report has changed -1.4% over the past month to $0.84. Compared to the company's year-ago FFO per share, this represents a change of +5%. Welltower currently boasts a Zacks Rank of #5 (Strong Sell).
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American Tower (AMT) Surges 3.3%: Is This an Indication of Further Gains?
American Tower (AMT - Free Report) shares ended the last trading session 3.3% higher at $189.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 27% loss over the past four weeks.
The increased optimism in the stock arises from the increase in demand for tower leasing amid the global 5G deployment efforts by wireless carriers and escalating wireless connectivity usage.
This wireless communications infrastructure company is expected to post quarterly funds from operations (FFO) of $2.42 per share in its upcoming report, which represents a year-over-year change of -2.8%. Revenues are expected to be $2.67 billion, up 8.7% from the year-ago quarter.
While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.
For American Tower, the consensus FFO per share estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in FFO estimate revision usually translates into price appreciation. So, make sure to keep an eye on AMT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
American Tower is a member of the Zacks REIT and Equity Trust - Other industry. One other stock in the same industry, Welltower (WELL - Free Report) , finished the last trading session 2.2% higher at $59.17. WELL has returned -21.7% over the past month.
Welltower's consensus FFO per share estimate for the upcoming report has changed -1.4% over the past month to $0.84. Compared to the company's year-ago FFO per share, this represents a change of +5%. Welltower currently boasts a Zacks Rank of #5 (Strong Sell).