Outlook Mixed for Tower Companies, Macquarie Says
The four major wireless carriers continue to invest in their networks, but the outlook for tower companies remains mixed, Macquarie’s Amy Yong wrote investors. “Verizon and AT&T have sent mixed signals to towers” with Verizon cutting capital expenditures twice in…
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2018 and AT&T signing a deal with Tillman, a competitor to the major players, she said Friday. “Both are focused on efficiencies and are allocating investments outside of macro-sites. However, capex is likely to stay steady to meet network demands.” Verizon is expected to spend $16 billion on capital expenditures and AT&T $23 billion in 2019, she said. “On the flip side, T-Mobile and Sprint remain in investment mode with T-Mobile likely to hit the high-end” of their $4.9 billion-$5.3 billion capex range and Sprint likely to spend $5 billion-$5.5 billion, she said. “T-Mobile is actively building out 600 MHz, while Sprint is investing across the board in macro-sites, 2.5 GHz build-out, and densification through small cells.”