Deutsche Bank Comments On Crown Castle 1Q11 Results

According to Deutsche Bank, Crown Castle CCI reported solid 1Q results that met or exceeded our expectations, even after adjusting for a few one-time items. Deutsche Bank said that CCI also reiterated its full year outlook, despite strong 1Q results, due to what we view as conservative FX and tower leasing assumptions. “CCI has a history of conservatism, beating the high end of its initial guidance ranges for 7 years running. In addition, CCI continued repurchase shares during the quarter. Given strong 1Q results, ramping buyback activity and a 2011 outlook we view as conservative, we reiterate BUY.” Crown Castle closed on Thursday at $43.67.