Raymond James Financial Cuts Crown Castle (NYSE:CCI) Price Target to $120.00

Key Points

• Raymond James Financial has lowered its price target for Crown Castle (NYSE:CCI) from $124.00 to $120.00 while maintaining a "strong-buy" rating, indicating potential upside of 22.79%.
• Despite the price cut, the consensus rating for Crown Castle is "Moderate Buy," with an average price target of $113.12 among analysts.
• Crown Castle's quarterly earnings showed mixed results with $1.12 earnings per share, surpassing estimates, but the revenue was down 4.3% from the previous year.

Crown Castle (NYSE:CCI - Get Free Report) had its price target reduced by research analysts at Raymond James Financial from $124.00 to $120.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm presently has a "strong-buy" rating on the real estate investment trust's stock. Raymond James Financial's price objective suggests a potential upside of 22.79% from the stock's current price.

CCI has been the subject of several other research reports. BMO Capital Markets dropped their price target on Crown Castle from $120.00 to $114.00 and set an "outperform" rating for the company in a research note on Friday, October 17th. KeyCorp reduced their target price on Crown Castle from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, September 17th. Weiss Ratings reiterated a "sell (d)" rating on shares of Crown Castle in a report on Wednesday, October 8th. UBS Group upped their target price on Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company reduced their target price on Crown Castle from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $113.12.

Crown Castle Stock Performance

NYSE:CCI opened at $97.73 on Thursday. The firm has a market capitalization of $42.56 billion, a price-to-earnings ratio of -9.16, a P/E/G ratio of 0.75 and a beta of 0.95. Crown Castle has a 52-week low of $84.20 and a 52-week high of $115.76. The stock has a fifty day moving average of $97.15 and a 200 day moving average of $100.55.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings data on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.08. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%.The firm's quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company earned $1.84 earnings per share. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. Equities analysts forecast that Crown Castle will post 6.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crown Castle

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCI. GAMMA Investing LLC lifted its holdings in shares of Crown Castle by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 5,769 shares of the real estate investment trust's stock valued at $601,000 after buying an additional 916 shares during the period. Flagship Harbor Advisors LLC bought a new position in shares of Crown Castle during the 1st quarter valued at $219,000. Continuum Advisory LLC lifted its holdings in shares of Crown Castle by 154.0% during the 1st quarter. Continuum Advisory LLC now owns 503 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 305 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Crown Castle by 7.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 180,455 shares of the real estate investment trust's stock valued at $18,809,000 after buying an additional 12,679 shares during the period. Finally, Legacy Advisors LLC bought a new position in shares of Crown Castle during the 1st quarter valued at $262,000. 90.77% of the stock is owned by institutional investors.

About Crown Castle

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them.

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