reports
- David Barden
- Vikash Harlalka
Broadband cNPS comparisons by tech & operator - The latest data availa...
Scouring the data in this report, we’d point you to the appendix for a quick review. What stands out is that when a broadband customer interacts with a sales rep, presumably they are doing so with a problem or request that an automated or AI-driven IVR cannot address. Almost without fail, sales rep interactions are the Achilles heal of the market right now and likely a core reason, care scores suffer. The operator that can solve this puzzle, and it could be cable, has a window to shift their rel...
- David Barden
- Vikash Harlalka
Broadband Spring 2026 – A fine time for FWA
In this Broadband Spring report, we share a quick update on broadband industry trends from 4Q25 heading into 2026E. Industry net adds improved meaningfully in 4Q25 from a year ago but remained slightly below last year when we adjust for the loss of ACP. Net adds for the quarter were in line with the pre-pandemic norm but trailing twelve-month net adds remain below pre-pandemic levels. We take a deep-dive here into FWA’s continued strong momentum, by carrier, and how it fits into the overall broa...
- David Barden
SATS: Raising PT to $147 on adjusted SpaceX assumptions and Echostar u...
We are updating our SATS valuation to reflect 1) an updated SpaceX valuation, and 2) updated SATS’ share of SpaceX following the merger between SpaceX and xAI. We now value SpaceX at $1.25Tn for the purpose of SATS valuation. In Elon we trust. We are raising our SATS price target to $147, up from $125 previously.
- David Barden
SATS 4Q25 Quick Take: It’s all about the call
SATS reported 4Q with a few surprises both positive and negative. On the plus side SlingTV losses were better than expected and wireless EBITDA loss was much better than expected. We will discuss more on the call, but Sling was likely a function of 4Q promo pricing and wireless was a function of not paying tower companies. The negative was that after several quarters of positive wireless net adds, SATS swung to a loss in 4Q, reflecting the competitive nature of the quarter. As always, the market...
Moody's Ratings affirms Crown Castle's Baa3 ratings, changes outlook t...
Moody's Ratings (Moody's) today affirmed Crown Castle Inc.'s ("Crown Castle" or the "the REIT") Baa3 senior unsecured debt ratings. In the same rating action, we affirmed the REIT's Prime-3 commercial paper (CP) rating, (P)Baa3 senior unsecured shelf rating and (P)Ba1 subordinate shelf and preferred...
Crown Castle Declares Quarterly Common Stock Dividend
Crown Castle Declares Quarterly Common Stock Dividend HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") announced today that its Board of Directors has declared a quarterly cash dividend of $1.0625 per common share. The quarterly dividend is payable on March 31, 2026, to common stockholders of record at the close of business on March 13, 2026. Future dividends are subject to the approval of Crown Castle's Board of Directors. ABOUT CROWN CASTLE Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route mi...
- David Barden
CCI 4Q25 Results and Model Update
We are updating our model for CCI (Neutral, PT $93) following its 4Q25 results that were largely ahead of our estimates and consensus. With the removal of SATS noise from reported results, 2026 AFFO per share will be heavily influenced by the timing of the Small Cells and Fiber Segment Divestiture. As we have previously mentioned, we don’t see material upside in the stock until all the heavy lifting takes place which looks to wait until mid-year.
- David Barden
Crown Castle 4Q25 Quick Take: 2026 a transition year as CCI navigates ...
CCI (Neutral, PT $93) reported 4Q25 results that were largely ahead of our estimates and consensus. Following its previous disclosure that SATS has defaulted on its tower lease agreement payments, CCI shared organic growth guidance excluding these payments. Ahead of the close of its Small Cells and Fiber Segment in 1H26, we don’t see material upside as we wait for all the heavy lifting to take place. This said, at the end of the day, CCI will be THE pure play tower company in the US when the upp...
Crown Castle Reports Fourth Quarter and Full Year 2025 Results and Pro...
Crown Castle Reports Fourth Quarter and Full Year 2025 Results and Provides Outlook for Full Year 2026 HOUSTON, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the full year ended December 31, 2025 and issued its full year 2026 outlook, as reflected in the table below. Full Year 2026 Full Year 2025(dollars in millions, except per share amounts)Current Outlook Midpoint(a)Midpoint GrowthRate Compared to Full Year 2025 Actual ActualActual Growth Rate Compared to Full Year 2024 ActualSite rental revenues(b)$3,850(5)% $4,049(5)%Net i...
- David Barden
Not unexpectedly, SATS defaults on AMT leases – We quantify the readth...
AMT (Buy, PT $203), after the close today, shared that SATS has defaulted on its tower lease agreement payments. This was unsurprising following a similar revelation from CCI (Neutral, PT $93) on 1/12/26 (see our note). AMT says this action will have no impact on 2025 results. AMT did not mention the value of the remaining payments, but we assume it is similar to the ~$3.5bn (undiscounted) CCI cited.
Crown Castle Announces Tax Reporting Information for 2025 Distribution...
Crown Castle Announces Tax Reporting Information for 2025 Distributions HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today certain year-end tax reporting information for its 2025 distributions. The following table summarizes, for income tax purposes, the nature of distributions paid to holders of Crown Castle Common Stock, par value $.01 per share (“Common Stock”), presented on a per share basis, during the calendar year ended December 31, 2025. Stockholders are urged to consult with their personal tax advisors as to their specific t...
Crown Castle Announces Fourth Quarter 2025 Earnings Conference Call De...
Crown Castle Announces Fourth Quarter 2025 Earnings Conference Call Details HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") plans to release its fourth quarter 2025 results on Wednesday, February 4, 2026, after the market closes. In conjunction with the release, Crown Castle has scheduled a conference call for Wednesday, February 4, 2026, at 4:30 p.m. eastern time. A listen only live audio webcast of the conference call, along with any supplemental materials, can be accessed on the Crown Castle website at . Participants may join the conference c...
- David Barden
Towers & interest rates, the biggest moving parts
Given recent news around future interest rate actions by the Fed, we performed a sensitivity analysis to better understand potential AFFO per share implications for each of the three major tower companies. Based on a detailed, tranche by tranche debt analysis, SBAC (Neutral, PT $212) has the largest near-term exposure given its short-term refinancing needs. CCI (Neutral, PT $93) has limited exposure given that we expect its debt reduction using proceeds from its small cells and fiber business sa...
- David Barden
SATS defaults on CCI leases - Quantifying the readthrough
CCI (Neutral, PT $93) after the close today announced that SATS has defaulted on its tower lease agreement payments. As a result, the company has terminated the agreement and will seek to recover ~$3.5Bn+ of the remaining undiscounted payments owed. CCI says this decision will have no impact on 2025 results. As a function of this announcement, we are taking SATS payments fully out of our model for 2026E. Previously, we had zeroed out SATS payments for only 2H26 and beyond. In this note, we shar...
DISH Wireless Defaults on Payment Obligations to Crown Castle
DISH Wireless Defaults on Payment Obligations to Crown Castle DISH Obligated to Pay Crown in Excess of $3.5 Billion as Crown Castle Terminates Contract HOUSTON, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today announced that DISH Wireless (“DISH”) has defaulted on its payment obligations to Crown Castle, causing Crown Castle to terminate its wireless infrastructure agreement with DISH. Statement by Crown Castle: “Crown Castle and many other American businesses helped DISH and its parent company, EchoStar, build its wireless communications network...
- Blair Levin
Part Three of Year in Preview: Our Analysis about Policyband’s Predict...
This week we published three notes that preview what we think will be critical to investors in telecom/media/tech policy environment. In the first, we evaluated what questions do we not know the answer to today but will in a year that will have a material impact on stocks and depend in part on policy. In the second, we looked at the biggest policy related investment stories of 2025 and how the lingering elements of those stories will play out. In this third one we evaluate nine predictions mad...
- Blair Levin
Part Two of Year in Preview: What about SATS, BEAD, Spectrum, and Othe...
This week we are publishing three notes that analyze what we think will be critical to investors in telecom/media/tech policy environment in the year ahead. In the first one, published yesterday we evaluated questions that we do not know the answer to today--but will in a year--that will have a material impact on stocks and depend in part on policy. In this second one, we look at the biggest policy related investment stories of 2025 and how the lingering elements of those stories will play out i...
- David Barden
Towers 4Q25 Estimates & Ratings Refresh
The last 3 months have seen substantial tower price dislocation catalyzed by news that SATS intends to invoke contractual clauses and stop paying the tower industry for current leases. We highlight some key industry developments impacting sentiment and preview 4Q results based on our catch-up conversations with the companies in recent weeks.
- David Barden
Towers 4Q25 Estimates & Ratings Refresh
The last 3 months have seen substantial tower price dislocation catalyzed by news that SATS intends to invoke contractual clauses and stop paying the tower industry for current leases. We highlight some key industry developments impacting sentiment and preview 4Q results based on our catch-up conversations with the companies in recent weeks.
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