American Tower Corporation (NYSE: AMT) just popped up on my team’s radar.
The company, a telecommunications tower real estate investment trust (REIT), is surging after reporting second quarter earnings.
AMT is seeing strong demand for space on its towers as wireless carriers are eager to expand their networks.
As you can see on the chart above, the stock was stuck in a descending triangle pattern until the breakout on earnings.
Now that shares have surged above the red line on the chart, we get a price target of $161 by adding the height of the pattern ($21) to the point of the breakout ($145).
That’s another 10% rally from here.
My team says we should see it hit that in next couple of weeks before renewing a steady uptrend from there.
© Chart courtesy of Today’s Profits. All rights reserved.