KeyBanc upgraded Crown Castle (CCI) to Overweight from Sector Weight with a $120 price target The k strategic changes triggered by the sale of the company’s Fiber and Small Cell businesses results in a pure-play tower asset near the bottom of the leasing cycle, with operational improvements leading to cost efficiencies, the analyst tells investors in a research note. The firm expects fundamental changes in Crown Castle’s capital allocation, where dividend coverage is improved and share repurchases are likely a consistent part of the framework. This will ultimately re-rate the stock toward a premium to the peer group, contends KeyBanc.
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Read More on CCI:
- Crown Castle Shifts Focus to U.S. Towers with Fiber Sale
- Crown Castle’s Strategic Shift: Balancing Opportunities and Risks with a Hold Rating
- Crown Castle Sells Fiber Segment for $8.5 Billion
- Crown Castle sees FY25 AFFO $4.06-$4.17
- EQT Corporation to buy Crown Castle’s Small Cells Solutions business for $4.25B