Back at the turn of the century, people thought that cellular use was really starting to peak and it would maybe level off. After all, everybody had a cell phone and Nokia was still the market leader. Then it all changed in 2007 when Apple introduced the smartphone, and mobile data demand has skyrocketed every year since. Now with the Internet of Things world right around the corner, the growth could be ready to take off again.

In a recent research report, the analysts at Merrill Lynch continue to make the case that while the top stocks have had good runs, there remains solid upside potential for this year and beyond. The Merrill Lynch team recently attended the 2016 Wireless Infrastructure Association annual tower industry conference, and they came away even more bullish than they had been prior. While there was a debate on macro cell demand led by 5G and other new tech trends in 2017 or 2018, there was no disagreement that it would indeed happen.

Three top stocks are rated Buy at Merrill Lynch, and all make sense for aggressive growth investors.

American Tower

This top company printed an all-time high last November and has almost traded back to it, after being down to sideways for almost a year. American Tower Corp. (NYSE: AMT) is one of the largest global real estate investment trusts (REITs), as well as a leading independent owner, operator and developer of multi-tenant communications real estate with a portfolio of approximately 97,000 communications sites. It is on track to own and operate 100,000 cell towers by the end of 2015, in both U.S. and international operations. It is also reported that the company is already processing about 900 applications in its pipeline to add additional carriers to the newly acquired Verizon towers.

In 2012, the company made a very smart move to convert from a corporation to a REIT, which requires it to pay at least 90% of its profits as dividends. With the company’s top and bottom lines growing so quickly, American Tower has been able to increase its payout by more than 20% annually ever since. With the bulk of the company’s towers out of dense urban areas, macro remains the asset of choice for this top company.

American Tower investors receive a 1.8% distribution. The Merrill Lynch price target for the stock is $112. The Thomson/First Call consensus target is $118.75. The shares closed Thursday at $106.56.

Crown Castle International

This is another top tower company that offers incredible growth and income possibilities and is structured as a REIT also. Crown Castle International Corp. (NYSE: CCI) provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 15,000 small cell nodes supported by approximately 16,000 miles of fiber, Crown Castle is the nation’s largest provider of shared wireless infrastructure with a significant presence in the top 100 U.S. markets.

First-quarter funds from operations (FFO) exceeded expectations. Revenue was up 3.8% year over year and in line with expectations. Organic site rental revenues rose 8% year over year, and company management increased the midpoint of the full 2016 outlook for adjusted FFO by 9%. The company also recently acquired Tower Development for $461 million in cash in a transaction that should be immediately accretive to adjusted FFO per share.

Crown Castle’s shareholders receive a 3.86% distribution. Merrill Lynch has a $92 price target, and the consensus target is $95.81. The shares closed Thursday at $91.80.

SBA Communications

This rounds out the trio of top tower companies. SBA Communications Corp. (NASDAQ: SBAC) owns and operates wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications in the United States and its territories, Canada, Central America and Brazil.

The company leases antenna space to wireless service providers on towers that it owns or operates, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2015, it owned 25,465 towers and managed or leased approximately 5,500 actual or potential towers.

The company also provides a range of site development services, including network pre-design, site audits, identification of potential locations for towers and antennas, support in buying or leasing of the location, assistance in obtaining zoning approvals and permits, tower and related site construction, antenna installation, and radio equipment installation, commissioning and maintenance.

This is the only company of the three top Merrill Lynch picks that is not currently structured as a REIT. The Merrill Lynch team are bullish on the stock as they note that it trades at a sizable discount to its peers, which some attribute to the non-REIT status. The analysts continue to believe that SBA is the most opportunistic tower play for investors now.

The $133 Merrill Lynch price target compares with the consensus target of $120.13 and the most recent close of $101.75.

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The mobile data demand growth is only going to continue to accelerate, and these three top companies are the best way for aggressive accounts to play a space that should just stay on fire. Remember, REIT distributions may contain return of capital.

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