Research · Sep 3, 2026
American Tower FY25 (Dec 31, 2025) at $10.65B revenue (+5.1%). OpInc $4.88B (+8%); Net income $2.53B (+12%); Diluted EPS $5.39. FCF $3.78B (+2%); Capex $1.68B; Dividends $3.16B. Total debt $45.0B (-$1.3B). US&Canada Towers ~55%; Africa ~15%; Europe+LatAm+APAC ~20%; Data Centers (CoreSite) ~10%. Mizuho upgraded N→OP Apr 15 ($189→$205); Bernstein initiated MP $205 Mar 5; UBS $254→$248; MS $225→$220.
Research · Apr 13, 2026
SBA Communications rallied on buyout reports, spotlighting undervaluation versus peers AMT and CCI amid high debt and M&A potential. Valuations show SBAC as the cheapest entry, with premiums likely if a deal materializes. Watch for bid updates and sector ripple effects.
Research · Apr 13, 2026
Hotter-than-expected inflation dashed rate cut hopes, favoring banks like JPM and WFC via NIM expansion while pressuring debt-laden REITs (PLD, AMT) and utilities (NEE, DUK). JPM tops conviction ranks with superior scale; REITs lag on cap rate risks. Prolonged high rates could widen these gaps further.
Research · Apr 10, 2026
ETF Trends' March 2026 10-year Treasury yield analysis forecasts elevated rates, favoring banks like JPM and BAC via NIM expansion while pressuring leveraged utilities (NEE, DUK) and REITs (PLD, AMT) on debt costs and valuations. JPM tops conviction rankings for its balance sheet strength; AMT ranks as most vulnerable.
