Crown Castle

Raymond James analyst Ric Prentiss maintains Crown Castle (NYSE:CCI) with a Outperform and lowers the price target from $126 to $104.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our price target by $25 to $87, applying an EV/EBITDA multiple of 14.5x to our 2024 estimate, a discount to CCI’s 10-year average multiple of 21.5x, reflecting a weaker macro outlook, continued Sprint churn, and a pullback in 5G spend from major telcos (i.e., Verizon, AT&T, and T-Mobile). We lower our 2023 adjusted FFO (AFFO) estimate by $0.03 to $7.52 and our 2024 estimate by $0.55 to $6.91. CCI reported Q3 2023 AFFO of $1.77 vs. $1.85, a $0.03 consensus miss on revenues that came in slightly below consensus ($1,667M vs. $1,689M). Site rental revenues rose 1% Y/Y as organic growth remained positive, with Towers +4% Y/Y, Fiber +3% Y/Y, and Small Cells +3% Y/Y. Looking to 2024, we expect Sprint churn and a challenging

Wells Fargo analyst Eric Luebchow maintains Crown Castle (NYSE:CCI) with a Underweight and lowers the price target from $110 to $100.

Morgan Stanley analyst Simon Flannery maintains Crown Castle (NYSE:CCI) with a Overweight and lowers the price target from $151 to $113.

Crown Castle (NYSE:CCI) reported Q2 adjusted funds from operations  of $2.05 per diluted share, up from $1.80 a year earlier. Analysts surveyed by Capital IQ expected $2. Revenue for the quarter ended June 30 was $1.87 billion, up from $1.73 billion a year earlier. Analysts surveyed by Capital IQ expected $1.86 billion. Crown Castle (NYSE:CCI) said it expects full-year 2023 adjusted funds from operations of $7.50 to $7.58, down from the previous outlook of $7.58 to $7.68. Analysts surveyed by Capital IQ expect $7.64.