SunTrust analyst Greg Miller raised his price targets on three cell tower stocks, citing increased visibility due to "the accelerating activity levels of AT&T (T) in deploying the FirstNet spectrum in addition to the WCS and AWS-3 bands." The analyst thinks that the companies' EBITDA and AFFO could beat expectations in 2018 in the wake of these spectrum deployments. He raised his price target on American Tower (AMT) to $157 from $148, on Crown Castle (CCI) to $115 from $108, and on SBA Communications (SBAC) to $167 from $154. He keeps Buy ratings on all three stocks.

Wells Fargo analyst Eric Luebchow lowered the firm's price target on Crown Castle to $100 from $115 and keeps an Equal Weight rating on the shares. Incoming CEO Steven Moskowitz is embarking on a strategic review of the Fiber segment to drive better operational efficiency, and Wells remains on the sidelines until there is better visibility on Crown Castle's future strategic path, the analyst tells investors in a research note.

BofA analyst David Barden lowered the firm's price target on Crown Castle to $105 from $120 and keeps a Neutral rating on the shares after updating estimates following the company's Q1 report. While the firm remains positive on Crown Castle's domestic tower business, it continues to believe the ongoing fiber strategic review is an overhang, the analyst tells investors.

Scotiabank lowered the firm's price target on Crown Castle to $118 from $133 and keeps a Sector Perform rating on the shares. The company's Q1 results were in line with expectations, the analyst tells investors. While the company's results were supported by growth coming from existing MLAs, the spending environment in the U.S. by operators on new capacity build is still slow, the firm adds. The outcome of the company's strategic review could crystallize additional value, but the firm is unsure the fiber business could be sold at attractive enough multiples above current stock trading multiples.

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Pre-earnings options volume in Crown Castle is 2.7x normal with calls leading puts 8:5. Implied volatility suggests the market is anticipating a move near 3.8%, or $3.60, after results are released. Median move over the past eight quarters is 4.0%.

Barclays analyst Brendan Lynch lowered the firm's price target on SBA Communications to $255 from $260 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the communications infrastructure group.