UPDATE: Nomura Initiates Crown Castle International at Buy on Fiscal Focus

Nomura initiated coverage on Crown Castle International

with a Buy rating and a $75 price target. Nomura said, "Crown Castle is the largest U.S. tower company with over 30k tower assets. We view Crown Castle as a fiscally focused tower company, weighing any tower acquisition against ”buying its own towers” through share repurchases. We believe the company will remain primarily a domestic company in the near term. We expect the company will continue to be an aggressive acquirer ahead of a potential 2016 REIT conversion, when the remaining $2.5bn of net operating losses are fully utilized." Crown Castle International closed at $64.73 on Wednesday.