Crown Castle upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Crown Castle (CCI) to Overweight from Sector Weight with a $120 price target The k strategic changes triggered by the sale of the company’s Fiber and Small Cell businesses results in a pure-play tower asset near the bottom of the leasing cycle, with operational improvements leading to cost efficiencies, the analyst tells investors in a research note. The firm expects fundamental changes in Crown Castle’s capital allocation, where dividend coverage is improved and share repurchases are likely a consistent part of the framework. This will ultimately re-rate the stock toward a premium to the peer group, contends KeyBanc.