UPDATE: Morgan Stanley Reiterates on Crown Castle International as Tower Tour Reinforces Positive View
In a report published Thursday, Morgan Stanley analyst Simon Flannery reiterated an Overweight rating on Crown Castle International (NYSE: CCI), but removed the $89.00 price target.
In the report, Morgan Stanley noted, “Crown Castle has lagged the market, and the sector, due to investor concerns regarding carrier consolidation, fewer catalysts after consecutive years of significant industry consolidation, slower growth, and treatment of prepaid rent. However, we continue to see robust leasing trends in the United States, with four national carriers competing on network quality, and believe that strong results will lead to another year of “beat and raise” quarters.
"Meanwhile, the tower operators have effectively termed out their lease terms with Sprint and T-Mobile to ~6 to 8 years.”
Crown Castle International closed on Wednesday at $73.42.
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