S&P Capital IQ Reiterates its STRONG BUY Rating on Crown Castle, Target Price Reduced

October 28 00:00 2011

NEW YORK, October 28 (RainbowNewsLine.com) – Analyst James Moorman of S&P Capital IQ reiterates his STRONG BUY rating on the shares of Crown Castle (NYSE: CCI), while adjusting his estimates for the company. The 12-month target price has been reduced from $57 to $54.

Analyst James Moorman, in a research note published yesterday, mentions that the company has reported its Q3 EPS ahead of the estimates. Crown Castle, however, issued its 2012 guidance short of the estimates, as the company expects high churning in 1H12 from Alltel licenses which Verizon is expected to end. The EPS estimate for 2011 has been raised from $0.54 to $0.55 while the EPS estimate for 2012 has been reduced from $0.93 to $0.79.