Oppenheimer Reiterates Outperform Rating, $82 PT on Crown Castle International Corp.
In a report published Friday, Oppenheimer reiterated its Outperform rating and $82.00 price target on Crown Castle International Corp. (NYSE: CCI).
Oppenheimer noted, “CCI reported strong operating results, surpassing expectations although reported EPS of ($0.07) was impacted by a $117M debt retirement charge in 4Q12. As expected, management offered conservative FY13 guidance. However, the past three years CCI has outperformed initial FY guidance by 5-8%, partially through acquisitions and higher leverage. For the quarter, operating metrics were well above estimates and guidance, but higher D&A and interest expense caused EPS to miss our $0.21 estimate by 6 cents. Given the company's strong revenue pipeline and margin upside, we are increasing our FY13 estimates beyond the high end of guidance, but lowering EPS because of near-term margin dilution. Including T-Mobile, our current PT implies a 19.8x multiple.”
Crown Castle International Corp. closed on Thursday at $74.32.
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