Morgan Stanley Sees Attractive Valuation, Strong Outlook For Crown Castle International

In a report published Monday, Morgan Stanley analyst Simon Flannery reiterated an Overweight rating and $91.00 price target on

. In the report, Morgan Stanley noted, “Crown Castle reported site rental revenues at the high end of guidance, with service revenues coming in significantly higher than expected, driving beats to EBITDA and AFFO. Management raised guidance for the full year 2014 for site rental revenues (+0.2% v. +1.1% historically, with ~$3M of the $7M raise coming from FX),EBITDA (+1.6% v. +2.3% historically, with ~$10M of the ~$34M dueto 2Q outperformance),and AFFO (+2.2%, with ~$20M of the ~$30M dueto 2Q outperformance).” Crown Castle International closed on Friday at $73.21.