CCI Downgrade to Peer Perform: Reaching Price Target, Avoiding Thesis Drift

研报英文原文证据摘录

CCI Downgrade to Peer Perform: Reaching Price Target, Avoiding Thesis Drift

May 20, 2026

the stock nears our price target, and we find it difficult to justify an increase from current levels. We find it

especially difficult to raise the price target given REITs are considered a yield sector and the ten year has risen

~50 basis points year to date.

Catalysts from here include the following.

●Litigation. Because we don't think the street is modeling recovery, the lawsuit pursuing lost DISH rent is a

potential source of earnings upside (see Exhibit 3 for potential recoveries at varying discount rates). Indeed, FCC

approval of spectrum sale from SATS was contingent upon a $2.4 billion escrow account to compensate unpaid

DISH bills-one type of creditor could be cell towers (see here). Moreover, given its SpaceX holding, the defendent

(SATS) has considerable capital to meet legal claims. However, given the valuation summary provided above,

one might argue some positive outcome of litigation is already priced into CCI stock. In addition, if the $2.4 billion

escrow account is a ceiling for the claims of multiple creditors (only one of which is CCI), reaching the size of

settlement contemplated in Exhibit 2 is likely difficult.

●SpaceX IPO. News reports the SpaceX IPO could price next month (see here). There has been speculation on

whether this will lead to a highlight of secular concerns of satellites replacing terrestrial networks. We make

the following observations:

○Status quo. The current Starlink satellite network dedicated to Direct to Cell (DTC) is small, and Starlink

itself has described itself as complementary to terrestrial networks, primarily supporting remote networks

(see a video on this topic here).

○The future.