UBS Maintains a 'Buy' on Crown Castle (CCI); Higher Wireless Capex to Support Growth for Towers

UBS maintains a 'Buy' on Crown Castle (NYSE: CCI) price target raised from $51 to $59.

UBS analyst says, "We expect strong industry trends will keep revenue growth at mid-high single digits in the next several years while AFFO grows at high-teens...We expect site rental revenues to grow 6% and EBITDA to grow 7% in 2012 vs. mgmt guidance for ~5% growth. CCI started to see renewed activity from T-Mobile and is encouraged by Clearwire’s (Nasdaq: CLWR) LTE plans, both of which we believe will provide upside to the outlook...We continue to believe the U.S. tower companies are well positioned to benefit from industry trends, 4G deployment by new and existing carriers, increased data usage and potential spectrum auctions."

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 $51.81 yesterday.

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