BUZZ-Crown Castle falls after lower full-year net income forecast

Reuters

Oct 18, 2024

** Shares of Crown Castle down 3.3% at $111.80 on Thurs after wireless tower operator lowered its full-year net income forecast

** If CCI finishes lower on Thursday it would snap four straight sessions of gains, currently down ~3% YTD

** CCI's third quarter results beat analyst estimates, but it lowered its 2024 net income forecast a range of $975 mln to $1.065 bln from between $1.125 bln to $1.190 bln, it reported late on Wed

** CCI's current full-year outlook was updated to reflect the impact of the mutual cancellation of about 7,000 towers leased by Sprint (now part of T-Mobile )

** JPMorgan and TD Cowen analysts cut their price target for CCI following the results, while UBS, Raymond James, Jefferies analysts raised their PTs

** Among the 20 analysts that cover CCI, the median PT is $118 and avg rating is "hold", per LSEG data

(Reporting by Chibuike Oguh in New York)

((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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