Top Stock to Buy #2 – Crown Castle International Corp. (CCI)
Crown Castle International Corp. (NYSE:CCI) owns, operates and leases wireless infrastructure, including towers and antenna systems. Its towers are well positioned in the wireless market with 71% in the top 100 markets.
Earnings have been on a tear, increasing from a loss of $1.16 in 2010 to a profit of 52 cents in 2011 and 92 cents in 2012, and analysts are estimating $1.40 in 2013. Analysts’ price target is $67.
Technically the stock is in a strong bull channel following a break from a consolidation rectangle in January. Late in June, it flashed a new stochastic buy signal and has been under heavy accumulation since March. Our buy under price is $56 with a target of $70.