American Tower (AMT) Exceeds Q2 Estimates, Raises Guidance on 5G Rollout and Currency Gains

American Tower Corporation (NYSE:AMT) ranks among the best 5G stocks to buy now. On August 12, American Tower Corporation (NYSE:AMT) attended the TD Cowen Communications Infrastructure Summit and presented its strategic priorities, focusing on development and long-term business stability while tackling issues like carrier upgrade progress and possible churn threats.

American Tower (AMT) Exceeds Q2 Estimates, Raises Guidance on 5G Rollout and Currency Gains

The company’s inorganic expansion is progressing in several areas, such as 5G, where major carriers have varying completion rates for upgrades.

On the other hand, the company recently raised its full-year property revenue outlook to as much as $10.29 billion, aided by some currency gains. It also reported a healthy $2.63 billion in second-quarter revenue, significantly exceeding expectations, while adjusted funds from operations per share rose to $2.60, up from the previous year.

Based in Boston, Massachusetts, American Tower Corporation (NYSE:AMT) is a real estate investment trust (REIT) that specializes in data centers and telecommunications. The company, which has over 221,000 properties globally, is essential to the development of fiber-optic networks that link 5G small cell sites to the internet.

While we acknowledge the potential of AMT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.