Crown Castle maintains Buy rating with strong Q1 2026 results and $1B buyback plan amid industry risks.

Crown Castle reaffirmed its Buy rating following solid Q1 2026 results, including strong AFFO and revenue beats. The company plans a $1 billion share buyback and expects $7 billion in debt repayments from a fiber sale, supporting a dividend yield of about 4.86%. Despite a forecasted 5% decline in site rental revenue, AFFO is expected to grow by 1%, helped by cost reductions and potential litigation recoveries. While macro risks like higher interest rates and geopolitical tensions remain, Crown Castle's defensive positioning and industry investment cycle offer potential upside as market churn normalizes.