Crown Castle is positively exposed to the long investment cycle required to meet the increasing demand for mobile data and deploy 5G in the United States. Approximately 56% and 71% of CCI's towers are located in the 50 and 100 largest U.S. Basic Trading Areas, respectively. The company's towers have a significant presence in each of the top 100 BTAs. We also see upside related to Elliott Management's activist stake in the company. Elliott would like to see CCI implement several changes including a strategic review of the fiber channel business, but management believes this business is key to the longer-term growth story. We believe Elliott's presence could lead to management either making a convincing case for its Fiber businesses (which the market will give appreciation for), or it could force a strategic review. Lastly, we appreciate the consistent, growing dividend yield - the company recently increased its quarterly dividend by 11% to $1.33 per share and we think there is plenty of room for the payout to grow.

Target Price: $220; Rating: One