UPDATE: Bank of America Raises Crown Castle's PT
According to a research report published earlier today, Bank of America has increased Crown Castle International's (NYSE: CCI) PT from $50 to $60.
Bank of America explained in the report, “We are raising our price objective to $60 from $50 to reflect higher comparable valuations and continued signs of strengthening tower leasing demand. Our $60 price objective implies the current 16x '13 FCF multiple rises to 18x vs. the 5 yr. avg. of 22.6x.”
Bank of America maintains its Buy rating on Crown Castle, which closed yesterday at $52.59.
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