Citi analyst Michael Rollins lowered the firm’s price target on Crown Castle (CCI) to $106 from $128 and keeps a Buy rating on the shares. The firm believes Crown is trying to reach a resolution for its Fiber strategic review before reporting Q4 results. The shares can trade higher over the next 12 months based on the value of its Tower segment and applying a value for its Fiber assets at $8B, which is consistent with the direction of press reports, the analyst tells investors in a research note. Citi cites higher interest rates for the target cut.
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