Crown Castle (NYSE:CCI) Stock, Quote.Headers.trade-ideas

Crown Castle

Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 90,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company's fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle's towers and fiber are predominantly located in the largest US cities. The company has a very concentrated customer base, with about 75% of its revenue coming from the big three US mobile carriers. Crown Castle operates as a real estate investment trust.

Crown Castle Intl

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Markets

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These Analysts Raise Their Forecasts On Crown Castle After Q2 Results

Audit.Business.Businessman

Equities

Large Cap

Guidance

DTCR

Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF

SRVR

Crown Castle to improve operational performance, updates outlook for FY24. Focus on demand for fiber and small cells in 48 top U.S. cities, reducing costs and staff.

Crown Castle Streamlines Capital Expenditures In Fiber Segment, Cuts Jobs, Revises Guidance &amp; More

Telecom tower.

REIT

Real Estate

These Tower REITs Yield Up To 6.1% And Have Long Track Records of Dividend Growth

Crown Castle Inc

Carlyle Credit Income Fund 8.75% Series A Preferred Shares due 2028

Carlyle Credit Income Fund

Carlyle Credit Income Fund Shares of Beneficial Interest

CCIF Acquisition Corp

Churchill Capital Corp IX - Ordinary Shares

Churchill Capital Corp IX

RBC Capital analyst Jonathan Atkin maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Sector Perform and raises the price target from $100 to $104.

RBC Capital Maintains Sector Perform on Crown Castle, Raises Price Target to $104

Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) has outperformed the market over the past 20 years by 2.14% on an annualized basis producing an average annual return of 10.53%. Currently, Crown Castle has a market capitalization of $45.16 billion. 
Buying $1000 In CCI: If an investor had bought $1000 of CCI stock 20 years ago, it would be worth $7,354.99 today based on a price of $103.94 for CCI at the time of writing.
<h3>Crown Castle's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721763023_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Crown Castle Stock In The Last 20 Years

Deutsche Bank analyst Matthew Niknam maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Hold and raises the price target from $103 to $105.

Deutsche Bank Maintains Hold on Crown Castle, Raises Price Target to $105

8 analysts have shared their evaluations of Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Crown Castle, revealing an average target of $112.0, a high estimate of $127.00, and a low estimate of $100.00. Highlighting a 0.51% decrease, the current average has fallen from the previous average price target of $112.57. 
<img src="https://www.benzinga.com/files/images/story/2024/1721336421_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The analysis of recent analyst actions sheds light on the perception of Crown Castle by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ari Klein</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$108.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>David Barden</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Neutral</td>
<td>$110.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Gregory Williams</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Buy</td>
<td>$127.00</td>
<td>$124.00</td>
</tr>
<tr>
<td>Brett Feldman</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Neutral</td>
<td>$104.00</td>
<td>-</td>
</tr>
<tr>
<td>Ric Prentiss</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Outperform</td>
<td>$126.00</td>
<td>$124.00</td>
</tr>
<tr>
<td>Jonathan Atkin</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$100.00</td>
<td>$109.00</td>
</tr>
<tr>
<td>Tim Long</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$112.00</td>
<td>$111.00</td>
</tr>
<tr>
<td>Matthew Niknam</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Hold</td>
<td>$109.00</td>
<td>$110.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Crown Castle. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Crown Castle compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Crown Castle's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Crown Castle's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/CCI/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Crown Castle analyst ratings.</a>
<h2>All You Need to Know About Crown Castle</h2>
Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 85,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company's fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle's towers and fiber are predominantly located in the largest U.S. cities. The company has a very concentrated customer base, with about 75% of its revenue coming from the big three U.S. mobile carriers. Crown Castle operates as a real estate investment trust.
<h3>Unraveling the Financial Story of Crown Castle</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Negative Revenue Trend: Examining Crown Castle's financials over 3 months reveals challenges. As of 31 March, 2024, the company experienced a decline of approximately -7.45% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Crown Castle's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 18.95%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Crown Castle's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 5.0%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 0.81%, the company showcases effective utilization of assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 4.82.
<h2>Analyst Ratings: Simplified</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Expectations For Crown Castle's Future

BMO Capital analyst Ari Klein maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Market Perform and raises the price target from $105 to $108.

BMO Capital Maintains Market Perform on Crown Castle, Raises Price Target to $108

Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) posted weak results for its <a href="https://www.benzinga.com/quote/CCI/earnings">second quarter on Wednesday</a>.
Crown Castle reported quarterly earnings of $1.62 per share which missed consensus estimates of $1.66 per share. The company reported quarterly sales of $1.58 billion which missed the analyst consensus estimate of $1.62 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
&#8220;Our second quarter results demonstrated the durability and consistency of Crown Castle&#8217;s business, and we remain on track to deliver our full year outlook for organic revenue growth of 4.5% in towers, 2% in fiber solutions, and double digits in small cells, adjusted for the impact of Sprint Cancellations,&#8221; said Steven Moskowitz, Crown Castle&#8217;s Chief Executive Officer.
Crown Castle shares gained 1.7% to close at $105.63 on Wednesday.
These analysts made changes to their price targets on Crown Castle following the announcement.
<ul>
<li>TD Cowen analyst Gregory Williams maintained Crown Castle with a Buy rating and raised the price target from $124 to $127.</li>
<li>B of A Securities analyst David Barden maintained the stock with a Neutral rating, while raising the price target from $105 to $110.</li>
</ul>
Read More: 
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B of A Securities analyst David Barden maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Neutral and raises the price target from $105 to $110.

B of A Securities Maintains Neutral on Crown Castle, Raises Price Target to $110

TD Cowen analyst Gregory Williams maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Buy and raises the price target from $124 to $127.

TD Cowen Maintains Buy on Crown Castle, Raises Price Target to $127

Management

Crown Castle Says Reduced Staffing & Field Office Locations, Sees About $100M Annualized Cost Savings

Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) reported quarterly earnings of $1.62 per share which missed the analyst consensus estimate of $1.66 by 2.41 percent. The company reported quarterly sales of $1.58 billion which missed the analyst consensus estimate of $1.62 billion by 2.33 percent. This is a 15.37 percent decrease over sales of $1.87 billion the same period last year.

Earnings Misses

Crown Castle Q2 2024 FFO $1.62 Misses $1.66 Estimate, Sales $1.58B Miss $1.62B Estimate

WIIM

CUBE

EQIX

GLPI

Hannon Armstrong Sustainable Infrastructure Capital

HASI

IIPR

REXR

SBAC

VICI

Shares of REITs are trading higher following softer-than-expected June CPI data, which could raise expectations of rate cuts.

Goldman Sachs analyst Brett Feldman initiates coverage on Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Neutral rating and announces Price Target of $104.

Initiation

Goldman Sachs Initiates Coverage On Crown Castle with Neutral Rating, Announces Price Target of $104

Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) has outperformed the market over the past 20 years by 1.55% on an annualized basis producing an average annual return of 9.8%. Currently, Crown Castle has a market capitalization of $41.76 billion. 
Buying $100 In CCI: If an investor had bought $100 of CCI stock 20 years ago, it would be worth $639.91 today based on a price of $96.11 for CCI at the time of writing.
<h3>Crown Castle's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1719849615_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $100 Invested In Crown Castle 20 Years Ago Would Be Worth Today

Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) has outperformed the market over the past 20 years by 1.82% on an annualized basis producing an average annual return of 10.02%. Currently, Crown Castle has a market capitalization of $42.51 billion. 
Buying $1000 In CCI: If an investor had bought $1000 of CCI stock 20 years ago, it would be worth $6,632.54 today based on a price of $97.83 for CCI at the time of writing.
<h3>Crown Castle's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1719244835_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) has been analyzed by 9 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $110.89, along with a high estimate of $126.00 and a low estimate of $100.00. A 5.67% drop is evident in the current average compared to the previous average price target of $117.56. 
<img src="https://www.benzinga.com/files/images/story/2024/1718380821_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Crown Castle. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ric Prentiss</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Outperform</td>
<td>$126.00</td>
<td>$124.00</td>
</tr>
<tr>
<td>Jonathan Atkin</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$100.00</td>
<td>$109.00</td>
</tr>
<tr>
<td>Tim Long</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$112.00</td>
<td>$111.00</td>
</tr>
<tr>
<td>Matthew Niknam</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Hold</td>
<td>$109.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Eric Luebchow</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$100.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>David Barden</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Jonathan Petersen</td>
<td>Jefferies</td>
<td>Lowers</td>
<td>Buy</td>
<td>$123.00</td>
<td>$126.00</td>
</tr>
<tr>
<td>Ari Klein</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$105.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Maher Yaghi</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$118.00</td>
<td>$133.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Crown Castle. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Crown Castle compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Crown Castle's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
For valuable insights into Crown Castle's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/CCI/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Crown Castle analyst ratings.</a>
<h2>Discovering Crown Castle: A Closer Look</h2>
Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 85,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company's fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle's towers and fiber are predominantly located in the largest U.S. cities. The company has a very concentrated customer base, with about 75% of its revenue coming from the big three U.S. mobile carriers. Crown Castle operates as a real estate investment trust.
<h3>Financial Milestones: Crown Castle's Journey</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Revenue Growth: Crown Castle's revenue growth over a period of 3 months has faced challenges. As of 31 March, 2024, the company experienced a revenue decline of approximately -7.45%. This indicates a decrease in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Crown Castle's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 18.95%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Crown Castle's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 5.0%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): Crown Castle's ROA stands out, surpassing industry averages. With an impressive ROA of 0.81%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: With a below-average debt-to-equity ratio of 4.82, Crown Castle adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Crown Castle Stock: A Deep Dive Into Analyst Perspectives (9 Ratings)

Raymond James analyst Ric Prentiss reiterates Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Outperform and raises the price target from $124 to $126.

Reiteration

Raymond James Reiterates Outperform on Crown Castle, Raises Price Target to $126

Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) shares are trading higher after the company revealed plans to improve operational performance and has provided<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39268504/crown-castle-implements-operational-changes-and-updates-outlook-for-full-year-2024" rel="noreferrer noopener"> an updated outlook for FY24</a>.
As part of its operational review, Crown Castle uncovered opportunities for future demand for enterprise fiber and small cells adjacent to its existing high-quality fiber footprint, which encompasses 90,000 route miles across 48 of the top 50 most populated U.S. cities.
In January 2024, Crown Castle began a comprehensive strategic and <a href="https://www.benzinga.com//node/36151729">operational review of its Fiber segment.</a>
Crown Castle aims to boost returns on small cells by focusing on collocations and network-adjacent anchor nodes near its existing network.
It plans to reduce capital intensity and prioritize higher-return projects by shifting strategy. Due to operational changes and project delays, the company expects a decrease in new small-cell nodes and leasing activity in 2024. However, it remains confident in achieving double-digit revenue growth in small cells over the next few years.
In its fiber solutions business, Crown Castle plans to decrease discretionary capital expenditures in the future.
Leveraging market opportunities near existing assets, the company aims to enhance capital efficiency while targeting 2% annual organic revenue growth in 2024 during the transition to a new sales strategy.
It anticipates returning to long-term annual organic revenue growth of 3% in fiber solutions from 2025 onward.
Workforce Reduction: The company plans to reduce staff and close offices and expects to yield about $100 million in run-rate cost savings, with $60 million expected to affect FY24 results.
Outlook: Crown Castle expects a $275 million to $325 million decrease in gross capital expenditures for its Fiber segment in 2024 on revised small <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">cell and fiber solutions strategies</a>.
The company plans to reduce staffing levels by over 10%, generating approximately $100 million in annualized cost savings.
These measures, along with other operational savings, aim to achieve about $60 million in savings for full-year 2024, primarily affecting the Fiber segment and corporate departments.
For FY24, the company raised adjusted FFO per share to $6.91-$7.02 (from $6.85- $6.97 earlier) and revised site rental revenues to $6.317 billion—$6.362 billion (<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38301899/crown-castle-reports-first-quarter-2024-results-and-maintains-outlook-for-full-year-2024" rel="noreferrer noopener">from $6.347 billion—$6.392 billion earlier</a>).
Investors can gain exposure to the stock via Pacer Data &amp; Infrastructure Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRVR#NYSE">SRVR</a>) and Global X Data Center &amp; Digital Infrastructure ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTCR#NASDAQ">DTCR</a>).
Price Action: CCI shares are up 0.57% at $100.42 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Crown Castle Streamlines Capital Expenditures In Fiber Segment, Cuts Jobs, Revises Guidance & More

OUTLOOK
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.
The following table sets forth Crown Castle's current full year 2024 Outlook, which includes the following key changes from the previous outlook issued on April 17:
<ul>
<li>A $30 million decrease to site rental revenues, including a $30 million decrease to non-cash items. Site rental billings remains unchanged as a $25 million decrease to recurring revenues from lower fiber solutions and small cell activity is offset by a $25 million increase in small cell non-recurring revenues primarily related to early termination payments.</li>
<li>A $95 million decrease to net income, primarily reflecting approximately $110 million of restructuring charges related to staffing reductions and office closures.</li>
<li>A $5 million increase to Adjusted EBITDA as the $30 million reduction to site rental revenues and approximately $25 million of advisory fees primarily related to the recent proxy contest are more than offset by a $60 million decrease in costs generated by staffing reductions and office closures.</li>
<li>A $25 million increase to AFFO, which benefits from a $7 million reduction to interest expense driven by a $225 million reduction to 2024 capital expenditures less prepaid rent additions. &nbsp;</li>
</ul>
<figure class="table"> 
<table>
<tbody>
<tr>
<td>(in millions, except per share amounts)</td>
<td colspan="5">Full Year 2024 Outlook(a)(b)</td>
<td>Changes to Midpoint from Previous Outlook(c)</td>
</tr>
<tr>
<td>Site rental billings(d)</td>
<td colspan="2">$5,740</td>
<td>to</td>
<td colspan="2">$5,780</td>
<td>$—</td>
</tr>
<tr>
<td>Amortization of prepaid rent</td>
<td colspan="2">$392</td>
<td>to</td>
<td colspan="2">$417</td>
<td>($18)</td>
</tr>
<tr>
<td>Straight-lined revenues</td>
<td colspan="2">$162</td>
<td>to</td>
<td colspan="2">$187</td>
<td>($13)</td>
</tr>
<tr>
<td>Site rental revenues</td>
<td colspan="2">$6,317</td>
<td>to</td>
<td colspan="2">$6,362</td>
<td>($30)</td>
</tr>
<tr>
<td>Site rental costs of operations(e)</td>
<td colspan="2">$1,686</td>
<td>to</td>
<td colspan="2">$1,731</td>
<td>$—</td>
</tr>
<tr>
<td>Services and other gross margin</td>
<td colspan="2">$65</td>
<td>to</td>
<td colspan="2">$95</td>
<td>$—</td>
</tr>
<tr>
<td>Net income (loss)</td>
<td colspan="2">$1,125</td>
<td>to</td>
<td colspan="2">$1,190</td>
<td>($95)</td>
</tr>
<tr>
<td>Net income (loss) per share—diluted</td>
<td colspan="2">$2.59</td>
<td>to</td>
<td colspan="2">$2.74</td>
<td>($0.21)</td>
</tr>
<tr>
<td>Adjusted EBITDA(f)</td>
<td colspan="2">$4,143</td>
<td>to</td>
<td colspan="2">$4,193</td>
<td>$5</td>
</tr>
<tr>
<td>Depreciation, amortization and accretion</td>
<td colspan="2">$1,680</td>
<td>to</td>
<td colspan="2">$1,775</td>
<td>$—</td>
</tr>
<tr>
<td>Interest expense and amortization of deferred financing costs, net(g)</td>
<td colspan="2">$926</td>
<td>to</td>
<td colspan="2">$971</td>
<td>($7)</td>
</tr>
<tr>
<td>FFO(f)</td>
<td colspan="2">$2,863</td>
<td>to</td>
<td colspan="2">$2,893</td>
<td>($96)</td>
</tr>
<tr>
<td>AFFO(f)</td>
<td colspan="2">$3,005</td>
<td>to</td>
<td colspan="2">$3,055</td>
<td>$25</td>
</tr>
<tr>
<td>AFFO per share(f)</td>
<td colspan="2">$6.91</td>
<td>to</td>
<td colspan="2">$7.02</td>
<td>$0.06</td>
</tr>
<tr>
<td>Towers Segment discretionary capital expenditures(f)</td>
<td colspan="2">$180</td>
<td>to</td>
<td colspan="2">$180</td>
<td>$—</td>
</tr>
<tr>
<td>Fiber Segment discretionary capital expenditures(f)</td>
<td colspan="2">$1,050</td>
<td>to</td>
<td colspan="2">$1,150</td>
<td>($300)</td>
</tr>
</tbody>
</table>
</figure>

Crown Castle Sees FY24 AFFO $6.91-$7.02 Per Share

Crown Castle Will Cut Workforce By 10%

Crown Castle Implements Operational Changes And Updates 2024 Outlook, Including $300M CapEx Reduction, $60M Expense Savings, Staffing Reductions, Office Closures, Fiber Segment Review, And $100M Annualized Cost Savings

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Press Releases

LEADING PROXY ADVISORY FIRM GLASS LEWIS RECOMMENDS CROWN CASTLE SHAREHOLDERS VOTE "FOR" BOOTS CAPITAL NOMINEES TED B. MILLER AND CHARLES C. GREEN

TIME IS RUNNING OUT! VOTE TODAY FOR CRITICAL CHANGE AT CROWN CASTLE: BOOTS CAPITAL'S NOMINEES HAVE WORLD-CLASS SKILLS TO CREATE MEANINGFUL VALUE FOR SHAREHOLDERS AFTER A LOST DECADE OF UNDERPERFORMANCE

TED B. MILLER SENDS OPEN LETTER TO CROWN CASTLE SHAREHOLDERS

Leading Proxy Advisory Firms Recommend Shareholders Vote "FOR" All of Crown Castle's Director Nominees

Crown Castle to Present at Nareit's REITweek: 2024 Investor Conference

Crown Castle Announces Shareholders Have Elected All 12 of the Company's Director Nominees

Dividends

Crown Castle Declares Quarterly Common Stock Dividend

Crown Castle Implements Operational Changes and Updates Outlook for Full Year 2024

Crown Castle Announces Second Quarter 2024 Earnings Conference Call Details

Crown Castle Reports Second Quarter 2024 Results and Maintains Outlook for Full Year 2024

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