Wells Fargo upgrades American Tower and Crown Castle on improving market conditions

Brokerage Wells Fargo upgrades wireless tower operators American Tower AMT.N to "overweight" from "equal weight" and
Crown Castle CCI.N to "equal weight" from "underweight"

Raises PT of AMT to $230 from $210 and CCI to $105 from $85

Brokerage is increasingly favorable on the tower sector throughout 2025 and heading into 2026, with optimism that carrier activity and domestic billings should improve

Says steadily improving organic billings as new colocations and leases ramp up, particularly from AT&T T.N, but also selectively with T-Mobile US TMUS.O to help growth for AMT

Says CCI's fiber and small cell divestiture enables the company to focus solely on the U.S. tower operations and drive long-term growth while increasing its valuation multiples

Up to last close, AMT stock up 5.9% and CCI stock down 2.8% in the past 12 months