Crown Castle upgraded to Peer Perform from Underperform at Wolfe Research

Wolfe Research analyst Andrew Rosivach upgraded Crown Castle (CCI) to Peer Perform from Underperform without a price target The macro environment supports defensive businesses, and tower drivers remain defensive, while the sale of Crown Castle’s fiber business provides a “line of sight” to 5% multi-year growth and a “well covered” dividend, the analyst tells investors in a research note. The firm also believes the stock’s valuation is now fair on a series of metrics.