Shares of American Tower Corporation have risen 20.6% in the past three months compared with the industry's growth of 11.5%. The company is poised well to ride the growth curve with wireless carriers increasing capital expenditure due to rising wireless penetration, accelerated 5G network deployment efforts and spectrum auctions. The long-term leases with its tenants assure stable cash flows. Moreover, its continued efforts toward macro-tower investments are encouraging. A decent financial position also supports its growth endeavors. Late in July, American Tower reported adjusted funds from operations (AFFO) per share, attributable to AMT common stockholders, of $2.79, which surpassed the Zacks Consensus Estimate of $2.53 and climbed 13.4% year over year. Results reflected better-than-anticipated revenues, aided by revenue growth across its Property segment. The REIT has also raised its 2024 outlook. It expects AFFO per share in the range of $10.48-$10.72, which indicates a rise at the midpoint of 7.4%. The prior projected range was $10.30-$10.53. Image Source: Zacks Investment Research Let us decipher the factors behind the surge in the stock price and check whether this trend will last or not. The advancement in mobile technology, such as 4G and 5G networks, and the proliferation of bandwidth-intensive applications have driven growth in mobile data ...