Zacks Investment Research upgraded shares of Crown Castle International Corp. (CCI) from UNDERPERFORM to NEUTRAL on December 11, 2014, with a target price of $81.00.
Despite an extensive tower portfolio and accelerated 4G LTE network deployment, a highly leveraged balance sheet and the ongoing mergers between large telecom carriers may act as headwinds for Crown Castle going forward. Moreover, the stock is overvalued at current levels and is currently trading at a 52-week high price range. Crown Castle reported third-quarter 2014 financial results wherein both the top and the bottom line surpassed the Zacks Consensus Estimate. The company also raised its quarterly dividend buoyed by better-than-expected quarterly numbers. Hence, we upgrade our long-term recommendation on Crown Castle to Neutral from Underperform.
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