BMO Capital initiated coverage of Crown Castle with an Underperform rating and $113 price target. With moderating organic growth, Sprint churn, and higher rates, Crown Castle’s funds from operations will decline in 2024 and 2025 and lag peers, the analyst tells investors in a research note. Small cells represent a densification play with meaningful growth potential, but adoption has “underwhelmed” and they are far more capital intensive than towers, says the firm.
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