Zacks Investment Research upgraded shares of Crown Castle International Corporation (CCI) from NEUTRAL to OUTPERFORM on October 02, 2012, with a target price of $77.00.
We upgrade our recommendation on Crown Castle to Outperform following its recent acquisition of 7,200 wireless towers of T-Mobile USA. Significant growth of wireless broadband, higher usage of smartphones and tablets together with increased deployment of 4G LTE networks are long-term positives for the wireless tower industry. Crown Castle continues to report robust results in the last couple of years improving its core site rental revenue, gross margin, adjusted EBITDA, and recurring cash flow. We believe future financials will be driven by substantial demand for more tower space to facilitate high-speed wireless networks. In this respect, the newly acquired T-Mobile wireless towers will enable Crown Castle to improve both its top and bottom line. Our long-term view regarding wireless tower industry remains intriguing and we believe Crown Castle is well positioned to successfully capitalize on these opportunities.
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