UPDATE: Benchmark Reiterates Buy on Crown Castle International; Raises PT from $63 to $70

Benchmark reiterated a Buy rating on Crown Castle International

and raised its price target from $63 to $70. Benchmark commented, “Crown Castle (CCI) reported strong 2Q12 results and raised FY12 guidance. While some of the guidance increase is due to noncash revenue from a new agreement with T-Mobile, cash upside was meaningful. In addition, we believe towers' solid growth and defensive characteristics should continue to drive strong stock performance. We adjust our valuation from 2012 to 2013, which contributes to our target rising from $63 to $70 per share. We reiterate a Buy rating.” Crown Castle International closed at $57.76 on Wednesday.