It’s Not Too Late to Buy CCI

Crown Castle broke above bull channel following better-than-expected earnings


Crown Castle International (NYSE:CCI) — This company owns, operates and leases wireless infrastructure, including towers and antenna systems.

Earnings have been on a tear, increasing from a loss of $1.16 in 2010 to 52 cents in 2011. Analysts estimate the company will earn 92 cents in 2012, and yesterday, estimates for 2013 were raised to $1.45. Analysts at Deutsche Bank raised their price target from $70 to $72 following CCI’s spectacular Q2 earnings report last week. 

Technically the stock has broken above its bull channel following the better-than-expected earnings. CCI is under heavy accumulation, and so although buying at the market may entail greater risk than when it was first recommended in our Top Stocks to Buy for July, the company’s performance fully justifies taking a position now. The trading target is $74.

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