Crown Castle resumed with a Neutral at BofA

BofA resumed coverage of Crown Castle (CCI) with a Neutral rating and a price target of $110, down from $115, after the company reported Q4 results below BofA and Street estimates last week and announced the conclusion of its fiber solutions business strategic review with the sale of the business unit to EQT and Zayo for $8.5B. The firm, which updated estimates for Q4 results, the fiber sale, and management commentary, believes the Crown Castle story is on “a better footing” post the strategic review, fiber sale, and dividend rebase, the analyst tells investors.