Zacks Investment Research downgraded shares of Crown Castle International Corp. (CCI) from NEUTRAL to UNDERPERFORM on August 22, 2014, with a target price of $73.00.
Crown Castle reported second-quarter 2014 financial results wherein the bottom line missed the Zacks Consensus while the top line surpassed the same. Despite an extensive tower portfolio and accelerated 4GLTE network deployment, a highly leveraged balance sheet and the ongoing mergers between large telecom carriers may act as headwinds for the company going forward. Moreover, the stock is overvalued at current levels and is currently trading at a 52-week high price range. Hence, we downgrade our long-term recommendation on Crown Castle from Neutral to Underperform.
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