2Q26: Trends on Track, Growth Drivers Building

研报英文原文证据摘录

2Q26: Trends on Track, Growth Drivers Building

Update

July 23, 2026 03:54 AM GMT

Morgan Stanley & Co. LLCMCrown Castle Corp. | North America Cameron McVeigh, CFA

Equity Analyst

2Q26: Trends on Track, Growth Cameron.McVeigh@morganstanley.comGaro K Amerkanian +1 212 761-4209

Research Associate

Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

Drivers Building Patrick A Ho

Patrick.Ho@morganstanley.com +1 212 761-2764

Results and guidance modestly ahead of expectations, as we Sean Diffley, CFA

continue to expect 2026 to be the trough growth year for CCI Equity Analyst

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

and the broader Tower industry. Edge computing and upcoming

spectrum auctions both potential growth drivers ahead as Crown Castle Corp. (CCI.N, CCI UN)

Communications Infrastructure | United States of America

Towers fight satellite narrative headwind.

Stock Rating NA

Industry View In-Line

Key Takeaways PriceShr price,targetclose (Jul 22, 2026) $77.50NA

Mkt cap, curr (mm) $33,802

2026 results modestly above expectations, AFFO guidance raised by $5mn, 52-Week Range $115.76-73.76

expecting 3.6% y/y growth excluding impact of Sprint and DISH.

Continue to see 2026 as the organic growth trough year. CCI has high visibility as

more than 90% of expected '26 organic growth is contracted at quarter end.

Edge computing a potential new growth driver as base station space can be

leased to compute providers as demand for AI inference accelerates.

We continue to see satellite D2D as complementary, given performance and

capacity limits. CCI has seen no change in carrier coverage builds or site renewals.

We update estimates to account for fiber sale timing, and expect AFFO/sh to

grow at 6.8% y/y in '26 and 14.8% y/y in '27.