Crown Castle price target lowered to $130 from $140 at Argus

Argus lowered the firm’s price target on Crown Castle to $130 from $140 and keeps a Buy rating on the shares. The price target reflects sector rotation due to high interest rates and slower growth, as industry-wide demand for wireless communications remains sluggish, the analyst tells investors in a research note. The firm adds however that Crown Castle should benefit over time from the increased demand for 5G wireless communications, also noting that Argus is positive on small cells, which can be used to improve communications in congested urban areas and expand service to underserved rural communities, with the company’s 2023 revenue from this segment increasing 27% year-over-year.