These Analysts Cut Their Forecasts On Crown Castle Following Q1 Results

Author: Avi Kapoor | April 18, 2024 09:30am

Crown Castle Inc. (NYSE:CCI) reported upbeat first-quarter sales results on Wednesday.

Crown Castle posted quarterly AFFO per share of $1.72, in-line with market estimates. The company’s quarterly sales came in at $1.64 billion versus expectations of $1.63 billion, according to data from Benzinga Pro.

"I'm pleased the team was able to continue to serve our customers well and deliver solid financial and operating results in the first quarter, and we remain on track to meet our full year 2024 outlook," said Tony Melone, who served as Crown Castle's Interim President and Chief Executive Officer ("CEO"). "At the same time, we made significant progress on the fiber strategic review and appointed Steven Moskowitz, a proven leader with deep industry experience, as Crown Castle's new President and CEO. With over 25 years of demonstrated operating experience and a successful track record of value creation, I believe Steven's leadership will enable Crown Castle to execute its strategic and operating plans and grow value for all shareholders."

Crown Castle maintained its outlook for full year 2024, seeing AFFO per share of $6.85 to $6.97.

Crown Castle shares fell 1% to close at $93.05 on Wednesday.

These analysts made changes to their price targets on Crown Castle following earnings announcement.

• BMO Capital cut the price target on Crown Castle from $110 to $105. BMO Capital analyst Ari Klein maintained a Market Perform rating.
• Scotiabank slashed the price target on Crown Castle from $133 to $118. Scotiabank analyst Maher Yaghi maintained a Sector Perform rating.

 

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Posted In: CCI