MoffettNathanson Lowers Prices Targets for Major Tower Companies
MoffettNathanson lowered its outlook for the stock prices of major tower companies Thursday, citing rising interest rates and the negative impact on adjusted funds from operations. The firm cut its target for Crown Castle to $152 from $186; for SBA,…
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to $285 from $360; and for American Tower, to $204 from $275. Dish Network “is widely expected to be a key driver of tower leasing in coming years, but higher funding costs add additional risk to what we have characterized as a fairly speculative business plan,” analyst Craig Moffett told investors.