RBC Capital downgraded Crown Castle to Sector Perform from Outperform with a price target of $100, down from $125. The downgrade reflects a lack of near-term catalysts for the stock, questions around the path of dividend growth relative to net leverage, and uncertainties around the pace of small cell/fiber growth, the analyst tells investors in a research note. The firm updated its model for the forward interest rate curve, and assumes debt issuances maturing in 2023 and 2024 are refinanced at the average current yields of the company’s benchmark 5- and 10- year notes.
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