Crown Castle price target lowered to $118 from $133 at Scotiabank

Scotiabank lowered the firm’s price target on Crown Castle to $118 from $133 and keeps a Sector Perform rating on the shares. The company’s Q1 results were in line with expectations, the analyst tells investors. While the company’s results were supported by growth coming from existing MLAs, the spending environment in the U.S. by operators on new capacity build is still slow, the firm adds. The outcome of the company’s strategic review could crystallize additional value, but the firm is unsure the fiber business could be sold at attractive enough multiples above current stock trading multiples.