Goldman Sachs analyst Brett Feldman downgraded Crown Castle (CCI) to Neutral and lowered his price target for the shares to $110 from $116. The analyst believes tower stocks are appropriately priced given his expectations for growth in 2019. "Near-peak growth expectations" are priced in at current share levels, Feldman tells investors in a research note. The analyst also laid his top picks in Americas Telecom Services. His favorite defensive stock is Verizon (VZ), his favorite value stock is Altice USA (ATUS), his most catalyst driven idea is Zayo Group (ZAYO) and his top data center operator is Equinix (EQIX).

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%.