JP Morgan lowers PT on American Towers, Crown Castle, and SBA Communications

EchoStar

12/01/2026 18:56

** Brokerage JP Morgan cuts PT on American Tower AMT.N to $245 from $250, Crown Castle CCI.N to $110 from $115, and SBA Communications SBAC.O to $240 from $245

** Brokerage cuts new leasing forecasts for cos on potential EchoStar/DISH impact

** JP Morgan now sees 2026 new colocation/amendment revenue of $138 mln for AMT, down from $158 mln; $91m for CCI, down from $116 mln; and $38mln for SBAC, down from $40 mln

** JP Morgan expects that EchoStar's SATS.O DISH Network, a customer for cos such as AMT, CCI and SBAC, to keep paying lease obligations until spectrum transactions close, around mid-2026

** Adds, this will negatively affect results for cos Q3 2026 onward

** In 2025 AMT was down 4.3%, CCI was down 2.1% and SBAC was down 5.1%

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))