CCI Results Review & Model Update
This note belatedly covers results as well as changes to the model. We increase our price target from $125 to $126 (total return: +20%). We are above the mid-point of guidance for 2025 site rental revenue, EBITDA and AFFO. We expect Consensus estimates for EBITDA and AFFO to increase.Crown Castle International is a holding company. Through its subsidiaries, the company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. The company's towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. The company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
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- Pan European Telecom Services and Cable
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