Why Did Oppenheimer Upgrade Crown Castle’s Stock?


Crown Castle (NYSE: CCI) received a Hold rating from Oppenheimer analyst Timothy Horan yesterday. The company’s shares closed yesterday at $110.44.

Horan commented:

“Organic revenue growth of 5.6% was solid and in line with our estimate and the 5.5% last quarter. Site rental revenue of $1.17B beat our estimate on higher straight-line accounting, and adj. EBITDA was in line with our est., but AFFO came in a touch below our aggressive est. on higher capex. Guidance for 2018 was increased by 50-100bps for revenue and adj. EBITDA. CCI expects to increase its dividend by 7-8% annually. On the call we look for more color on carrier network upgrades/5G/First Responder/ Dish buildouts as well as Lightower’s integration.The tower sector should see strong results over the next few years as wireless volume growth remains very healthy and is beginning to cannibalize wireline data.”

According to TipRanks.com, Horan is a top 25 analyst with an average return of 17.0% and a 76.5% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.

Currently, the analyst consensus on Crown Castle is a Moderate Buy with an average price target of $118.

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The company has a one-year high of $114.97 and a one-year low of $93.14. Currently, Crown Castle has an average volume of 2.42M.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CCI in relation to earlier this year.

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Crown Castle International Corp. is a real estate investment trust company, which engages in the provision of access to wireless infrastructure via long-term contacts. It operates through the following segments: Towers, Fiber, and Other. The Towers segment offers access, including space or capacity towers dispersed throughout the United States.

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