There’s Still Time to Get in on This Top Stock

by Sam Collins | September 7, 2012 1:56 am

Crown Castle International Corp. (NYSE:CCI[1]) — 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[2], the company’s performance fully justifies taking new positions now. The trading target is $75.

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