Movement Alert｜Crown Castle Intraday Rise 14.91% in Regular Trading, Q3 AFFO Beat and Higher Full-Year Outlook Drove the Move

Market Focus10-23

On October 23, Crown Castle rose 14.91% in Regular Trading, trading at $89.155 per share, with turnover of $103 million.

The key catalyst was the company’s latest quarterly report: third-quarter adjusted AFFO came in at $1.24 per share, above market expectations of $1.21 and up from $1.12 a year earlier, while management raised full-year AFFO guidance to $4.54-$4.66, with a midpoint of $4.60, slightly above the $4.59 consensus.

Revenue was $995 million, below the expected roughly $1.01 billion and down from $1.07 billion a year earlier, but the earnings beat and improved full-year outlook appear to have outweighed the top-line miss. A subsequent price-target cut by one broker to $91 from $93 did not offset the stronger guidance signal.

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