Crown Castle upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Crown Castle (CCI) to Overweight from Equal Weight with a price target of $104, down from $117. Pro forma the purported sale of the fiber business for $8B, Crown Castle shares currently trade at an attractive entry point, given that it would then be a pure-play U.S. tower company, generating a 4.8% free cash flow yield, the analyst tells investors in a research note. The firm estimates the shares will trade at a 21-times multiple post transaction, as Crown Castle’s concentrated U.S. exposure and simplified cash flow story “should warrant a premium to peers.”