UPDATE: Deutsche Bank Raises Crown Castle's PT

According to a research report published this morning, Deutsche Bank has increased Crown Castle's

PT from $69 to $70. In the report, Deutsche Bank commented, "CCI beat our estimates and the high end of guidance for all key metrics in 1Q, provided 2Q guidance above our expectations and upwardly revised its 2012 outlook. Strong results and an improved outlook were largely the result of (1) the recent acquisitions of NextG and WCP and (2) continued strength in leasing. Given these strong results, we increase our forecasts and our price target for CCI. Reiterate Buy based on strong tower demand driven by 3G/4G network investments and attractive valuation vs. REITs." Deutsche Bank maintains its Buy rating on Crown Castle, which is currently trading at $56.67.