Wells Fargo analyst Eric Luebchow downgraded Crown Castle (CCI) to Underweight from Equal Weight with a price target of $100, down from $105. The firm says private market demand for the company’s fiber and small cell assets is limited and are unlikely to fetch more than $9B in a divestiture. This would be up to 25% dilutive to Crown Castle’s funds from operations and likely force the company’s hand to cut its dividend, the analyst tells investors in a research note. The firm sees this creating near-term technical pressure on the shares.
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