Argus Downgrades Crown Castle (CCI) to Hold
Argus analyst Marie Ferguson downgraded Crown Castle (NYSE: CCI) from Buy to Hold.
The analyst comments "We are lowering our rating on Crown Castle Inc. (NYSE: CCI) to HOLD from BUY. We expect the shares to continue to reflect sector rotation due to high interest rates and slower growth as industry-wide demand for wireless communications equipment remains sluggish. CCI, which is structured as a REIT, owns and leases cell towers, small cells and fiber, and provides communication infrastructure services. Unlike some key peers, the company has not significantly entered the data center market. Rather, the company is focused on the U.S. market, and has towers and small cells in 49 states, with a focus on expanding service to rural communities. While adding 8,000 new small cell antennae nodes in 2023, this segment is not projected to drive earnings enough to overcome struggling tower performance. CCI also recently initiated a review of its fiber operations due to the current economic environment."
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Shares of Crown Castle closed at $94.37 yesterday.