American Tower at TD Cowen summit: towers stay central as networks densify

American Tower Corp. (AMT) attended the TD Cowen 12th Annual Communications Infrastructure Summit on 11 August 2026, where it reaffirmed the central role of towers in the evolving wireless landscape. The company's U.S. tower division, led by Executive Vice President and President Rich Rossi, emphasized that even as wireless carriers, satellite operators, and new network models vie for attention, towers remain crucial.

Rossi highlighted steady demand from densification and capacity upgrades, while noting near-term pressure from tough comparisons in services and Dish Network's final wave of churn. The company reported organic growth resilience despite the challenging environment, with the Dish churn issue impacting only the second quarter.

Rossi also pointed to a difficult comparison for the company's services business, which is being evaluated against 2025, the firm's best services year. Despite this, Rossi maintained that macro towers will remain central, even if some companies explore satellite or femtocell-based alternatives.

Looking ahead, Rossi stressed that future spectrum cycles will continue to support tower demand, particularly as higher-frequency bands necessitate denser networks. The company expects continued demand from densification, rising data use, and new applications over the next several years.

Financially, American Tower reported a 6.65% revenue growth over the past year and nearly 74% gross profit margins. Analysts view the stock with a potential upside of 24%, with price targets ranging from $188 to $260. Rossi noted that comprehensive master lease agreements could benefit from future spectrum auctions and the move toward 6G.