Crown Castle targets diverge: $125 vs $91 after 5% DISH income hit
Citizens reaffirmed a Market Outperform rating with a $125 price target after Q4 2025 results, citing DISH Network disputes that cut site rental income by 5% and left ex-DISH/Sprint revenue up 3.5% below benchmarks. BMO Capital trimmed its target to $91, warning of underwhelming FY2026 growth and limited near-term leasing.
1. Citizens Reaffirms $125 Outperform Rating
On February 9, Citizens analyst Greg Miller reaffirmed a Market Outperform rating with a $125 price target following Crown Castle's Q4 2025 results. He cited ongoing disputes with former DISH Network clients that reduced site rental income by about 5% and noted revenue excluding DISH and Sprint rose 3.5%, trailing the firm’s long-term benchmarks, while anticipating leasing momentum to boost future expansion.
2. BMO Lowers Target to $91 on FY2026 Outlook
On February 6, BMO Capital analyst Ari Klein cut his price target from $97 to $91 but maintained an Outperform rating, citing heavier-than-expected fallout from DISH Network that hampered organic growth projections. He projected modest near-term leasing volumes, initial share weakness on the outlook and positioned any future DISH accord as a key catalyst.
3. Infrastructure Portfolio and Organic Growth
Crown Castle operates approximately 40,000 cell towers and 85,000 route miles of fiber across the United States. The company targets roughly 3% annual organic growth, including churn from Sprint, and views resolution of DISH disputes as a potential driver of renewed leasing momentum.