Crown Castle Inc (CCI.N): Updating our Crown Castle Model for Steady 2Q26 Results

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Crown Castle Inc (CCI.N): Updating our Crown Castle Model for Steady 2Q26 Results

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23 Jul 2026 06:43:30 ET │ 24 pages

Crown Castle Inc (CCI.N)

Updating our Crown Castle Model for Steady 2Q26 Results

CITI'S TAKE

Crown Castle delivered in-line 2Q26 leasing results with AFFOPS

outperforming our estimate and consensus. We updated our model with

2Q26 results and made small adjustments to our near-term estimates. We Buy

maintained our FY26 leasing outlook at the mid-point of its guidance range Price (22 Jul 26 16:00) US$77.50

of $65 million, while the absence of more specific management

commentary on the back-half loading is apt to introduce questions as to Target price US$98.00↓

whether or not leasing may end up at the lower-end of the $60-70 million from US$106.00

range. Our FY26 AFFOPS was trimmed by 1 cent to $4.58, albeit still above Expected share price return 26.5%consensus. Management remained constructive around domestic leasing

trends, prospects for improving organic growth beyond 2026, and emerging Expected dividend yield 5.5%

edge data center opportunities, which continue to progress through Expected total return 31.9%

customer trials. We trimmed our target to $98 to partly reflect higher rates Market Cap US$33,015Mthan we previously employed. We maintain our Buy rating on CCI and expect

shares to trade near current levels.

Model Update — We updated our model for 2Q26 results with some relatively

Price Performancemodest changes to our near-term operating outlook. We shared our takeaways from

the earnings call and our callback in our note. (RIC: CCI.N, BB: CCI US)

Implications — We see opportunities for CCI to improve its financial performance as

a domestic tower pure‑play. We view the leasing results and commentary as

generally neutral for the category.