UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Crown Castle International Corp.

In a report published Wednesday, Morgan Stanley reiterated its Overweight rating on Crown Castle International Corp.

, and raised its price target from $65.00 to $75.00. Morgan Stanley noted, “We are rolling over the multiples from 2013E to 2014E. Our favorite pick continues to be SBA Communications, given the opportunistic use of cheap financing to grow its tower portfolio and earnings. Our estimates have also been updated to reflect American Tower's acquisition of KPN Towers in Germany and tower builds in India; and Crown Castle's recent refinancing activity.” Crown Castle International Corp. closed on Tuesday at $71.26.