American Tower price target lowered to $236 from $248 at Scotiabank

Scotiabank analyst Maher Yaghi lowered the firm’s price target on American Tower (AMT) to $236 from $248 and keeps an Outperform rating on the shares. The company’s Q3 results were “mixed,” with a slight deceleration in organic tenet billing in the North American tower business, the analyst tells investors. Similar to other tower operators in the U.S., telecom spending on capacity growth remains subdued and the firm does not expect a real change to that spending level until 2026