These Analysts Raise Their Forecasts On Crown Castle After Q2 Results

Author: Avi Kapoor | July 18, 2024 09:01am

Crown Castle Inc. (NYSE:CCI) posted weak results for its second quarter on Wednesday.

Crown Castle reported quarterly earnings of $1.62 per share which missed consensus estimates of $1.66 per share. The company reported quarterly sales of $1.58 billion which missed the analyst consensus estimate of $1.62 billion, according to data from Benzinga Pro.

“Our second quarter results demonstrated the durability and consistency of Crown Castle’s business, and we remain on track to deliver our full year outlook for organic revenue growth of 4.5% in towers, 2% in fiber solutions, and double digits in small cells, adjusted for the impact of Sprint Cancellations,” said Steven Moskowitz, Crown Castle’s Chief Executive Officer.

Crown Castle shares gained 1.7% to close at $105.63 on Wednesday.

These analysts made changes to their price targets on Crown Castle following the announcement.

• TD Cowen analyst Gregory Williams maintained Crown Castle with a Buy rating and raised the price target from $124 to $127.
• B of A Securities analyst David Barden maintained the stock with a Neutral rating, while raising the price target from $105 to $110.

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Posted In: CCI