Citi raised the firm’s price target on Crown Castle (CCI) to $108 from $106 and keeps a Buy rating on the shares after the company announced the sale of its fiber assets for $8.5B to EQT and Zayo. The firm “walked away with some pluses and minuses.” On the plus side, the combination of a higher transaction value and a $3B buyback accretes about $8 per share of value, the analyst tells investors in a research note. However, Citi says Crown is absorbing unanticipated Sprint churn of about $180M over nine years.
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Read More on CCI:
- Crown Castle upgraded to Strong Buy from Outperform at Raymond James
- Crown Castle upgraded to Overweight from Sector Weight at KeyBanc
- Crown Castle Shifts Focus to U.S. Towers with Fiber Sale
- Crown Castle’s Strategic Shift: Balancing Opportunities and Risks with a Hold Rating
- Crown Castle Sells Fiber Segment for $8.5 Billion
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