Citi Maintains 'Hold' Rating on Crown Castle Int'l (CCI), Comments on Recent Meeting with Management
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Citi maintains a 'Hold' rating on Crown Castle Int'l (NYSE: CCI). Price target $40.
Citi analyst says, "We had an opportunity to meet recently with the management of Crown Castle, including CEO Ben Moreland, President-US Tower Operations Jim Young, and General Counsel Blake Hawk...Management is taking a more conservative posture in the near-term on financial leverage given the current credit conditions, which we believe will limit the magnitude of possible share repurchases over the next 3-6 months...We believe CCI remains operationally on track with our estimates that are modestly above consensus, while we maintain our Hold rating in the absence of an acceleration in site leasing growth prospects or a better entry point."
Crown Castle International Corp. (CCIC) owns, operates and leases towers and other communication structures, including certain rooftop installations (collectively, towers), for wireless communications.
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