UPDATE: Goldman Sachs Downgrades Crown Castle International to Neutral
Goldman Sachs has published a research report on Crown Castle International (NYSE: CCI) and has downgraded the company from CL-Buy to Neutral since the company is up 23% year to date.
In the report, Goldman Sachs writes, "We remove Crown Castle (CCI) from our Americas Conviction Buy List and Americas Buy List. We now rate CCI Neutral with 7% potential upside to our unchanged $59, 12-month price target which is based on the average of our DCF and AFFO analyses. Since placing CCI on the Conviction Buy List on January 14, 2010, shares are +42.3%, vs. S&P 500 +19.4%; since being placed on the Americas Buy List on November 20, 2007 shares are +32.8%, vs. S&P 500 -4.8%. We remain ahead of consensus given supportive industry fundamentals but are disciplined on price given CCI's recent outperformance. Our Tower sector rating remains Attractive."
Goldman Sachs maintains its $59 price target on Crown Castle, which is currently trading down $0.86 from yesterday's $53.98 closing price.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.