UPDATE: Bank of America Raises PT to $60 on Crown Castle International
Bank of America raises its price target to $60 on Buy-rated Crown Castle International (NYSE: CCI) as the stock's inclusion in the S&P 500 is a new positive catalyst for the company.
Bank of America says, "After the market close yesterday, Standard and Poor's announced it will be adding Crown Castle to the S&P 500 index to replace Constellation Energy Group (NYSE: CEG) which is being acquired by Exelon Corp. (NYSE: EXC). The acquisition of CEG is expected to close early this year, pending regulatory approvals. With $14.9b of market capitalization, CCI has exhibited an emerging profit trend and met a key inclusion hurdle – 4 consecutive quarters of positive net income from continuing operations. This hurdle was cleared late last year."
CCI closed at $52.59 a share yesterday.
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