Deutsche Bank Maintains Buy on Crown Castle

Deutsche Bank is out with its report today on Crown Castle CCI, maintaining Buy. In a note to clients, Deutsche Bank writes, "Year-to-date, Crown Castle has underperformed the S&P 500 by 12.5%, REITs by 16.3% and American Tower AMT by 13.0%. As a result of this underperformance, the stock is approaching historical floor valuations and trading at a steep discount to key comps despite a number of potential positive catalysts in 2H11. In our view, this has created an attractive entry point and we now view BUY-rated CCI as our highest conviction top pick for the balance of 2011." Deutsche Bank maintains a $57 PT on CCI. Shares of CCI closed Wednesday at $41, down 0.99% from Tuesday's close.