US tower operators American Tower and Crown Castle both highlighted small cells in their quarterly results announcement, but with contrasting viewpoints. While the latter sees densification as a key source of growth amid a tough macro tower environment in the US, American Tower has been offsetting that trend in other ways, mainly international expansion. Both companies posted solid first quarters, and analysts believe the domestic tower business is set for a revival in the coming months. American Tower’s Q1 revenue was $1.62bn. Property revenue of $1.59bn was up 26% year-on-year and international revenue was $702m, up from $416m in the year-ago period, while domestic revenue increased from $852m to $892m. Matthew Niknam of Deutsche Bank wrote in a client note:…