10:20 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our target by $6 to $213, applying a forward EV/EBITDA of 19.0x our 2024 EBITDA estimate, a discount to AMT's 10-year average (21.3x) as higher-for-longer interest rates continue to weigh on growth potential. We lift our 2024 AFFO estimate by $0.08 to $10.46 and 2025's by $0.32 to $10.79. AMT posted Q1 2024 AFFO of $2.79 vs. $2.67, a $0.25 consensus beat on higher-than-expected collections from India business. Organic tenant billings growth rose 6.4% Y/Y, driven by Africa (+14.6% Y/Y), Europe (+5.5% Y/Y), the U.S./Canada (+4.6% Y/Y), APAC (+4.1% Y/Y), and Latin America (+2.8% Y/Y). Tower leasing within the U.S. (47% of Tower revenues) has been strong with underlying client activity accelerating in Q1. Data center leasing within the CoreSite portfolio remains robust given AI-related tailwinds, with occupancy of 85.1%, up 190 bps Y/Y, and revenue growth of 11% Y/Y. Net leverage was reduced to 5.0x vs. 5.2x Q/Q, with AMT continuing to focus on deleveraging given the higher interest rate environment.