J.P.Morgan downgrades Crown Castle, shares slip
CCI•Shares remain down for the year
Up to the last close, shares were down 14.9% year to date.
J.P. Morgan cuts rating and price target
Telecom infrastructure company Crown Castle CCI.N shares were down 1.1% at $74.76 in premarket trading.
J.P. Morgan cut its stock rating to "underweight" from "neutral" and reduced its price target to $80, which implies about a 5.8% upside to the stock's last close.
"The company is now a standalone macro tower company, but industry activity has stayed low and does not seem to be improving in the near term" - JPM.
