by Sam Collins | September 7, 2012 1:56 am
Crown Castle International Corp. (NYSE:CCI) — This company owns, operates and leases wireless infrastructure, including towers and antenna systems.
Earnings have been on a tear, increasing from -$1.16 in 2010 to 52 cents in 2011, 97 cents in 2012, and an estimated $1.34 for 2013. Analysts at S&P are looking for earnings of $1.69 in 2014, and have raised their 12-month target for the stock to $76. New leasing contracts were cited as the reason for the higher target.
Technically the stock has broken above its bull channel in July and consolidated from mid-July until Thursday, when it broke from a rectangle. CCI is under heavy accumulation, 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 new positions now. The trading target is $75.
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