BMO Capital analyst Ari Klein lowered the firm’s price target on Crown Castle to $106 from $113 and keeps an Underperform rating on the shares after its Q2 results and guidance cut. The shift from the initial 5G spending surge to the next chapter has been met with a significant slowdown in carrier activity that weighed on the company’s 2023 outlook and likely portends slower industry growth, the analyst tells investors in a research note. Master Lease Agreement add long-term growth visibility and the tower model remains attractive, but downside potential to estimates for Crown Castle still exists, BMO added.
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