BofA reinstated coverage of Crown Castle (CCI) with a Buy rating and $115 price target while reinstating coverage on the Communications Infrastructure sector. Tower multiples, investor sentiment and estimates have all troughed, the analyst argues. In addition, tower growth is anchored by fixed price escalators, limited development risk, and a wide competitive moat, as well as by being critical for wireless carriers, the analyst tells investors. American Tower (AMT) is the analyst’s tower top pick, while Digital Realty (DLR) is best positioned in data centers, the analyst added.
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Read More on CCI:
- Crown Castle price target raised to $124 from $108 at Citi
- Crown Castle price target raised to $112 from $107 at RBC Capital
- Crown Castle’s Earnings Call: Strategic Shifts and Strong Q1
- New Street upgrades Crown Castle to Buy, names favorite tower stock
- Crown Castle upgraded to Buy from Neutral at New Street
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