JPMorgan Double Downgrades IHS Holding (IHS) to Underweight

JPMorgan analyst Richard Choe downgraded IHS Holding (NYSE: IHS) from Overweight to Underweight with a price target of $6.00 (from $8.00).

The analyst comments: "We downgrade to an Underweight rating with a December 2026 price target of $6. The stock is up 120% YTD as the company has addressed key issues that negatively impacted the stock in 2024 and continued to execute through disruptions. At this point, we see more upside to the other tower stocks in our coverage due to the modest growth outlook for its Nigeria and Africa businesses, relatively small contribution from Latin America, uncertain long-term outlook for carrier capex in Nigeria, potential for Naira weakness and large holders that present an overhang on the stock. We see potential gains (including dividends) of ~42% for AMT, ~32% for CCI and ~29% for SBAC vs. 7% downside for IHS. IHS only grew 2.9% in 3Q excluding CPI escalators and FX resets. Latin America is seeing better growth at 8.8%, but is small on a relative basis with only 11.3% of revenue from Latin America vs. almost 60% from Nigeria and 30% from SSA. In addition, growth in Latin America will be supported by tower builds that require significant capital expenditures."

For an analyst ratings summary and ratings history on IHS Holding click here. For more ratings news on IHS Holding click here.

Shares of IHS Holding closed at $6.43 yesterday.

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