12:15 AM EDT, 04/18/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our price target by $35 to $80 on an EV/EBITDA multiple of 14.0x to our 2024 EBITDA estimate, a discount to tower REIT peers (18.0x) due to CCI's lower growth profile due to the Fiber segment and U.S. geographic concentration. We forecast EBITDA to drop 6% to 7% in 2024 before facing another 1% to 3% decrease in 2025 as churn, lower customer capex, and higher for longer interest rates weigh on business performance. We trim our 2024 AFFO estimate by $0.01 to $6.90 and lower 2025 by $0.04 to $6.79. CCI posted Q1 2024 AFFO of $1.72 vs. $1.91, in line with consensus. Organic site rental revenues rose 1.2% Y/Y, driven by 4.6% growth within Towers and 6.3% growth in small cells, offset by a 10.6% decline within Fiber. Leverage (net debt to adj EBITDA) rose to 5.6x vs. 5.0x Y/Y as higher for longer rates and weaker EBITDA put pressure on the business, but variable rate debt remains modest at 10% of total debt. CCI brought in a new CEO during Q1 and continues to overgo a strategic review of its Fiber business.