2026Oct
CCI Oct 2026 · Sell
Crown Castle's post-fiber transformation solidifies its position as a pure-play U.S. macro tower REIT, but equity valuation at $68.28 stands disconnected from fundamentals, trading at a 33.9% premium to our $51.00 fair value estimate. With 89% of site rental revenues concentrated in three wireless carriers, $240M in active lease churn headwinds, and $23.40B in outstanding debt, risk-adjusted returns skew heavily negative.Latest published research · analyzed 2026-10-07 · current · sources aging