Crown Castle Stock (NYSE:CCI) Little Changed after Beating Q1 Expectations
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Crown Castle Stock (NYSE:CCI) Little Changed after Beating Q1 Expectations

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Crown Castle’s Q1 earnings beat expectations, and the company maintained its guidance for the year.

Crown Castle (NYSE:CCI), a telecom infrastructure REIT, surpassed Q1-2024 earnings expectations and reiterated its 2024 guidance despite seeing declines from both the previous quarter and the same period last year. Nonetheless, shares are little changed in after-hours trading. The company reported adjusted FFO per share of $1.72, beating the consensus estimate of $1.69. However, this figure was down from $1.82 in Q4 2023 and $1.91 one year ago.

Net revenue came in at $1.64 billion, slightly above the analyst prediction of $1.63 billion, yet it fell from last year’s figure of $1.77 billion. Breaking it down, Site Rental revenue decreased to $1.59 billion from $1.62 billion in the first quarter of the previous year, and Services and Other revenue dropped significantly to $53 million from $149 million.

Adjusted EBITDA for the quarter was $1.04 billion, ahead of the $1.03 billion consensus, but showed a 5.5% decrease from $1.10 billion in Q1 2023. Despite these figures, Crown Castle reiterated its 2024 guidance, expecting AFFO per share to be between $6.85 and $6.97, Site Rental revenue to range from $6.35 billion to $6.39 billion, and adjusted EBITDA to be between $4.14 billion and $4.19 billion.

Is CCI Stock a Buy, According to Analysts?

On TipRanks, CCI comes in as a Moderate Buy based on five Buys, eight Holds, and no Sell ratings assigned in the past three months. The average CCI stock price target of $120.42 implies 29.4% upside potential.

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