Deutsche Bank Reinstates Crown Castle (CCI) at Buy

Deutsche Bank reinstates coverage on Crown Castle (NYSE: CCI) with a Buy. PT $82.00.

The firm comments, "Last week, CCI acquired the rights to lease and operate 7,200 T-Mobile towers over a 28 year period for $2.4B (with the option to acquire these towers for an incremental $2.4B at expiration). CCI appears to have acquired these assets at 20.5x 2013 AFFO/share (including our estimate of the NPV of the terminal buy-out option). We expect this deal to be accretive to 2013 AFFO/share and 5% accretive long-term (in-line with guidance) and are reinstating coverage with a Buy rating and $82 price target (23% potential upside)."

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 $66.75 yesterday.

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