Citizens has reiterated its Market Outperform rating on Crown Castle (NYSE: CCI) while keeping a $125.00 price target following the company’s fourth-quarter 2025 results released Wednesday. The research house maintained its positive stance even as Crown Castle contends with contract disruptions and legal action tied to a former wireless customer.
The recent quarter was materially affected by litigation with former DISH Network (NYSE: SATS) after DISH cancelled wireless tower contracts. DISH had been Crown Castle’s largest incremental customer in recent years. As of the end of 2025, DISH accounted for approximately 5% of Crown Castle’s total annual site rental revenue.
Citizens adjusted its outlook to account for the revenue effects from DISH and the earlier Sprint cancellations. On that basis, Citizens says Crown Castle’s expected revenue growth of 3.5% remains below the company’s historical average. The firm nonetheless noted that growth dynamics may begin to improve once incremental leasing activity picks up, while adding that "the growth days of the towers are now behind."
Citizens characterized Crown Castle as a relatively stable investment within digital infrastructure and suggested the stock can serve as a hedge against downside volatility in the data center segment for investors allocating to digital infrastructure assets.
Earnings and broker reactions
Crown Castle reported fourth-quarter 2025 earnings that topped analyst expectations, posting earnings per share of $0.67 versus the forecasted $0.55. Revenue results were in line with projections, matching a forecast of $1.06 billion.
Following the earnings release, UBS lowered its price target on Crown Castle to $105 from $116 but kept a Buy rating. UBS highlighted that the company’s site rental revenues, EBITDA, and AFFO exceeded UBS expectations by 1%, 2%, and 5%, respectively.
Similarly, BMO Capital reduced its price target to $91 from $97 while maintaining an Outperform rating. BMO said the company’s 2026 guidance was disappointing, citing a larger-than-expected impact from DISH Network as a contributing factor to the adjustment.
Key takeaways
- Citizens reaffirmed a Market Outperform rating and a $125.00 price target on Crown Castle after Q4 2025 results.
- Litigation and contract cancellations with former customer DISH Network have materially affected quarterly performance; DISH now represents about 5% of annual site rental revenue as of year-end 2025.
- Crown Castle beat EPS expectations and met revenue forecasts for the quarter, prompting mixed but generally positive responses from other brokers including UBS and BMO.
Sectors affected - telecommunications infrastructure, digital infrastructure and data centers, and public equity markets for REIT-like tower operators.
Risks and uncertainties
- Ongoing litigation and contract cancellations tied to DISH Network could continue to suppress revenue and complicate forecasting for Crown Castle - this chiefly affects the telecommunications infrastructure sector.
- Near-term revenue growth, estimated at 3.5 after adjusting for DISH and Sprint impacts, is below Crown Castle’s historical average, introducing execution and growth risks for investors in digital infrastructure assets.
- Analyst target reductions from UBS and BMO, despite maintained positive ratings, reflect uncertainty around the company’s 2026 guidance and the knock-on effects of large customer disruptions on valuation and investor sentiment.
These developments underscore ongoing operational and strategic adjustments at Crown Castle as the company manages customer shifts and awaits a pickup in incremental leasing activity that Citizens and other analysts believe will be necessary to restore stronger growth rates.