UPDATE: KeyBanc Upgrades Crown Castle (CCI) to Overweight As Valuation Becomes Compelling

KeyBanc analyst Brandon Nispel upgraded Crown Castle (NYSE: CCI) from Sector Weight to Overweight with a price target of $193.00. The analyst sees a positive risk/reward for all towers given they are trading at 23.5x 2022 AFFO/share vs. the REIT average of ~23x. We see differentiating factors for each tower operator (i.e., international exposure, fiber/small cells exposure, U.S. tower growth trajectories) that all hold certain attractive characteristics; however, we believe rowers are likely to make up for under-performance relative to the REIT average.

He stated "We recommend Overweight positions in CCI. As a pure U.S.-based company with likely
the best organic tower revenue growth in 2021/2022, we believe CCI could begin to trade at a premium to
peers. We believe the consistency of the Company's messaging around fiber/small cells is encouraging,
and we are seeing indications that the business could become a long-term contributor to growth. We see
CCI's mid-single-digit organic revenue growth, 7%+ AFFO/share/dividend growth, and high dividend yield
as attractive."

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 $167.68 yesterday.

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