Benchmark Reiterates a 'Buy' on Crown Castle (CCI); Adjusting Numbers After Strong Q2

July 26, 2012 10:35 AM EDT Send to a Friend
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Price: $84.75 +0.55%

Rating Summary:
    10 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Benchmark reiterates a 'Buy' on Crown Castle (NYSE: CCI) price target of $70.00 (from $63.00).

Analyst, Clayton F. Moran, said, "Crown Castle reported strong 2Q12 results and raised FY12 guidance. While some of the guidance increase is due to noncash revenue from a new agreement with T-Mobile, cash upside was meaningful. In addition, we believe towers’ solid growth and defensive characteristics should continue to drive strong stock performance."

"Our 2012E AFFO/share is $2.93. We forecast $3.57 next year. The stock is at 16x
2013E AFFO with 15%-20% annual growth and limited operating risk

For an analyst ratings summary and ratings history on Crown Castle click here. For more ratings news on Crown Castle click here.

Shares of Crown Castle closed at $57.76 yesterday.


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