Crown Castle CCI stock got torpedoed by BMO Capital Markets on July 13, 2023, with a bad rating and possible dark pool selling.
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Crown Castle is a real estate investment trust (REIT) that specializes in owning, operating, and leasing shared communications infrastructure. The company focuses on providing infrastructure support for wireless telecommunications networks, including cell towers, rooftop installations, small cell networks, and fiber optic connections. Crown Castle essentially acts as a landlord for wireless carriers, enabling them to deploy and expand their networks by leasing space on its infrastructure. It also offers services such as site acquisition, construction, and maintenance to support the wireless industry’s growing demand for connectivity.
Crown Castle initiated with an Underperform at BMO Capital
BMO Capital began monitoring Crown Castle on July 13, 2023, with an Underperform rating and a $113 price target. According to the analyst’s research note to investors, due to slower organic growth, higher rates, and Sprint churn, Crown Castle’s funds from operations will lag peers in 2024 and 2025. Small cells are a densification strategy with real growth potential, but their uptake has lagged and they require a lot more investment than towers.
