UPDATE: Goldman Sachs Raises PT to $70 on Crown Castle International on Tower Deal
Goldman Sachs reiterated its Neutral rating on Crown Castle International (NYSE: CCI) and raised its price target from $68 to $70.
Goldman Sachs noted, "CCI announced it closed the transaction to acquire exclusive rights to TMobile's approximately 7,100 towers for $2.4bn in cash. With the closing of the deal, we now include T-Mobile's portfolio in our CCI estimates and raise our 12-month price target to $70, from $68 previously. Our 2012-2014 EPS estimates are +0.0%/-9.6%/+1.1% due to higher interest/D&A expense initially, offset by increased revenue from the deal; more importantly, our AFFO forecasts increase modestly."
Crown Castle International closed at $67.47 on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.