Zacks Investment Research upgraded shares of Crown Castle International Corp. (CCI) from NEUTRAL to OUTPERFORM on February 11, 2014, with a target price of $87.00.
Crown Castle reported fourth-quarter 2013 financial results where both the top and the bottom line surpassed the Zacks Consensus. An extensive tower portfolio, successful integration of T-Mobile business, expansion of Small Cell business, increased usage of smartphones, and aggressive deployment of 4GLTE networks are likely to spur growth moving ahead. Moreover, the upcoming launch of Verizon's VoLTE service and continuous acquisitions of towers globally may further drive growth for the company. Meanwhile, the company has started functioning as a REIT since the beginning of 2014. This will not only drive tax savings and cash flows but will also enhance shareholders wealth through higher dividends. Thus, we upgrade our long-term recommendation on Crown Castle from Neutral to Outperform.
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