Wells Fargo lowered the firm’s price target on Crown Castle (CCI) to $105 from $115 and keeps an Overweight rating on the shares. The firm notes that a DISH resolution is most important for Crown Castle, as Wells believes the current multiples price in a near worst-case scenario. Assuming Crown Castle can achieve at least $1B-plus of settlement proceeds, they can still hit consensus numbers by 2027, in Wells’ view. The cost takeout program is ahead of schedule, and the closing of the fiber deal should ramp buybacks that are even more accretive today. Crown Castle continues to be the firm’s top tower idea.
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