https://www.nasdaq.com/articles/crown-castle-downgraded-hold-buy-jefferies#
The firm believes the sale is less likely to be at an attractive multiple, “if it sells at all.” Press reports of valuations in the $8B-$10B range are disappointing, as they imply a 6-8 times EBITDA multiple, which would drive “material earnings dilution,” contends Jefferies. Further, it estimates a sale would likely necessitate a 15%-25% cut in the dividend to maintain a healthy payout ratio, and might be even more if the board decides to prioritize retained cash flow.