American Tower (AMT) Stock Jumps 3% After SpaceX Cell Site Report

TLDR American Tower (AMT) rose about 3% in pre-open trading after Bloomberg reported SpaceX wants access to about 80,000 U.S. cell sites. The stock opened at $181.62, up 2%, while Verizon, AT&T and T-Mobile each fell more than 3%. Q3 results are due Oct. 27, with Wall Street expecting EPS of $2.84 and revenue of about $2.77 billion. Analysts rate the stock Moderate Buy with an average price target of $214.90. Insiders have sold $1.2 million of stock over 90 days, though two directors have made recent purchases. American Tower (AMT) stock jumped 3% in pre-open trading on Friday. The move followed a Bloomberg report that SpaceX is in talks to use about 80,000 U.S. cell sites.

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