Crown Castle (CCI) shares are soaring 5.10% in pre-market trading on Thursday, following a notable upgrade from Wells Fargo and a series of price target increases from multiple analysts.
Wells Fargo upgraded Crown Castle to Overweight from Equal Weight and raised its price target to $125 from $105, calling it their "top tower pick". This upgrade was accompanied by other positive analyst actions, with JP Morgan raising its target to $120 from $115, BMO increasing to $115 from $112, and Raymond James reiterating a Buy rating with a $124 price target.
The wave of positive sentiment comes on the heels of Crown Castle's Q2 earnings release. While specific earnings details were not provided, the flurry of analyst upgrades suggests the company's performance may have exceeded expectations, leading to increased optimism about its future prospects in the telecommunications infrastructure sector.
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