Citi Maintains Hold on Crown Castle International Corp (CCI)

Analysts at Citi maintain their “hold” rating on shares of Crown Castles International Corp (CCI); and set a price target of $40.00. While reporting 2Q inline results, better than anticipated revenue was driven by improved networking development revenue. The analysts at Citi mentioned, “We have adjusted our estimates for Crown Castle following 2Q results. Our total revenue estimate increased for 3Q10 from $452.7 million to $458.3 million, for FY10 from $1.81 billion to $1.83 billion, for FY11 from $1.94 billion to $1.98 billion and for FY12 from $2.06 billion to $2.11 billion. Our EPS estimate remains unchanged for 3Q10 at $0.02, while our estimate for FY10 widened from a loss of ($0.36) to ($0.72). Our estimate increased for FY11 from $0.30 to $0.35 and for FY12 from $0.61to $0.69.” Furthermore, analysts added,” We believe the larger question for investors has become whether or not there is upside potential to revenue from organic/cash growth (rather than straight-line adjustments) over the next 6-12 months. We believe the business model remains durable for solid revenue and FCF growth over time and we prefer Buy-rated AMT within the tower peer group.” Shares of CCI began the day trading at $38.99.