Crown Castle price target raised to $118 from $103 at UBS

UBS raised the firm’s price target on Crown Castle to $118 from $103 and keeps a Neutral rating on the shares. Crown Castle’s Q3 revenues were in line with estimates, while EBITDA and adjusted FFO were 2%-4% ahead, the analyst tells investors in a research note. Higher interest, falling services contribution, and lower prepaid amortization and Sprint cancellation fees are still expected to drive an 8% decline in AFFO per share in 2024, which the firm expects to be followed by low single digit declines in 2025 and a return to growth in 2026, UBS says.