Wells Fargo Turning Bearish on Tower Stocks
Wells Fargo’s Jennifer Fritzsche Monday downgraded the tower sector to market weight from overweight based on “recent checks” that raise questions about the speed of 5G deployment. “While we continue to believe towers will represent the ‘core’ in 5G and…
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are firmly planted in the 5G conversation, the reality is we are in the early (way early!) innings of a true 5G infrastructure build,” she told investors: “This has been confirmed by many of our contacts in the network, fiber and densification space.” Wells Fargo is now recommending only one tower stock, Crown Castle, and downgraded American Tower to market perform from outperform.