May. 20 at 8:10 PM
Wolfe Research downgraded Crown Castle from “Outperform” to “Peer Perform” due to weaker long-term growth after DISH lease defaults and higher interest rates. The firm also withdrew its
$94 target after shares neared that level, saying the investment thesis has deteriorated since its 2025 bullish call.
Wolfe cut its 2027 AFFO estimate by ~14% and reduced long-term growth expectations from 6.9% to 5.4%, citing the loss of DISH lease revenue and weaker organic growth.
The firm said Crown Castle’s valuation now looks less attractive versus peers despite recent debt reduction efforts and a
$1B buyback following the sale of its fiber and small-cell business.
Wolfe also flagged ongoing DISH litigation, rising competition risks from Starlink and satellite technology, higher rates, and potential sector consolidation as key factors for the stock going forward.
$CCI