As previously reported, Guggenheim upgraded Crown Castle (CCI) to Buy from Neutral and raised its price target to $101 from $91. Analyst Jonathan Schildkraut said improving tower sentiment and expectations that AT&T's (T) build out of the FirstNet network will result in a meaningful benefit to Crown Castle's growth rates beyond 2017. Further, the analyst increasingly expects 5G will leverage small cell infrastructure, benefiting Crown Castle's long-term growth.

Crown Castle issued the following statement: "Consistent with the Boots Group's approach throughout its campaign, Ted Miller has again pursued a litigation strategy that is attempting to interfere with Crown Castle's critical strategic and operational initiatives. In his most recent motion, Ted Miller is seeking to prevent the Company from expanding the size of its Board, which the Board has recently done by adding Steven Moskowitz as a director at the time of Mr. Moskowitz's appointment as Crown Castle's President and CEO. Although the Company vigorously disputes the claims in the Boots Group's lawsuit, Crown Castle has decided it will not include Steven Moskowitz on its slate of director nominees for the Company's 2024 Annual Meeting of Stockholders to avoid the distraction and expense of Ted Miller's litigation. Shareholders will continue to have the opportunity to vote on the Company's remaining 12 highly qualified incumbent directors. All the current independent directors of the Board intend to vote to appoint Mr. Moskowitz to the Board immediately after the 2024 Annual Meeting. The Company and CEO Steven Moskowitz will continue to focus on advancing initiatives aimed at creating value for all shareholders."

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%.