Bank of America raises its price target to $60 on Buy-rated Crown Castle International 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 CEG which is being acquired by Exelon Corp. 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in