Goldman Sachs on Crown Castle (CCI): 'We expect the stock to move modestly higher following results'

Goldman Sachs analyst Brett Feldman reiterated a Neutral rating and $117.00 price target on Crown Castle (NYSE: CCI).

The analyst comments "We expect the stock to move modestly higher following results given upside to site rental revenue, adjusted EBITDA, and AFFO - plus an increase to guidance. We believe investors have a neutral view of CCI, with the benefit of a simple, domestic tower narrative with cost take-out opportunities marred by potential churn driven by recent industry consolidation. Despite a more uncertain industry backdrop, we were encouraged by management's steady focus on the completion of the pending fiber transaction, and the significant operational cost reduction activity which should follow. We remain Neutral on CCI as we believe it may be difficult for the stock to outperform pending further clarity around potential customer churn in the coming quarters."

For an analyst ratings summary and ratings history on Crown Castle click here. For more ratings news on Crown Castle click here.

Shares of Crown Castle closed at $97.70 yesterday.

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