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Crown Castle International Corp. (NYSE:CCI) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday. They currently have a $73.00 price objective on the stock. Zacks‘s price target would indicate a potential downside of 8.75% from the stock’s previous close.

Zacks’ analyst wrote, “Crown Castle reported second-quarter 2014 financial results wherein the bottom line missed the Zacks Consensus while the top line surpassed the same. Despite an extensive tower portfolio and accelerated 4GLTE network deployment, a highly leveraged balance sheet and the ongoing mergers between large telecom carriers may act as headwinds for the company going forward. Moreover, the stock is overvalued at current levels and is currently trading at a 52-week high price range. Hence, we downgrade our long-term recommendation on Crown Castle from Neutral to Underperform.”

Crown Castle International Corp. (NYSE:CCI) traded down 0.70% during mid-day trading on Friday, hitting $79.44. 1,727,767 shares of the company’s stock traded hands. Crown Castle International Corp. has a one year low of $68.15 and a one year high of $80.52. The stock has a 50-day moving average of $75.5 and a 200-day moving average of $74.81. The company has a market cap of $26.401 billion and a P/E ratio of 206.72.

Crown Castle International Corp. (NYSE:CCI) last released its earnings data on Wednesday, July 23rd. The company reported $0.83 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.02 by $0.19. The company had revenue of $916.30 million for the quarter, compared to the consensus estimate of $873.26 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 24.7% on a year-over-year basis. Analysts expect that Crown Castle International Corp. will post $4.17 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Friday, September 19th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, September 17th.

A number of other analysts have also recently weighed in on CCI. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Crown Castle International Corp. in a research note on Friday, July 25th. They now have a $87.00 price target on the stock, up previously from $85.00. Separately, analysts at Pacific Crest downgraded shares of Crown Castle International Corp. from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 25th. They now have a $102.00 price target on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of Crown Castle International Corp. in a research note on Friday, June 13th. They set a “neutral” rating and a $84.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $86.40.

In other Crown Castle International Corp. news, COO James D. Young sold 8,665 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $77.58, for a total transaction of $672,230.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Crown Castle International Corp. (NYSE:CCI) owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers); distributed antenna systems (DAS, and interests in land under third party towers in various forms (third party land interests) (unless the context otherwise suggests or requires, references herein to wireless infrastructure include towers, DAS and third party land interests).

To view Zacks’ full report, visit Zacks’ official website.

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