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

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.