#6 - Crown Castle (NYSE:CCI)
Crown Castle (NYSE: CCI) is a REIT of a different sort. The company operates and leases over 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across the United States.
Where Crown Castle fits in with the data center market is through its colocation services. This is where the company provides its customers with high-bandwidth, low-latency connectivity to help them deliver the redundancy needed for mission-critical information and applications.
The stock is down about 1.3% in 2024 and much of that has to do with revenue and earnings that are falling YOY. That’s largely due to lost revenue as a result of the merger of Sprint with T-Mobile US Inc. (NASDAQ: TMUS). Plus, high-yielding REITs like Crown Castle became less attractive as interest rates climbed to 5%.
However, with interest rates likely to fall back, it should create a favorable environment for companies to look at Crown Castle and its 5.54% dividend yield.
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.
- Current Price
- $103.42
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 12 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $116.87 (13.0% Upside)
