CCI) to Outperform ahead of its second-quarter 2011 financial results. Increasing deployment of 3G/4G high-speed mobile voice, data, and video technology and significant growth of mobile Internet traffic have driven robust results in the last couple of quarters.
The company continues to perform well with respect to several parameters, including its core site rental revenue and gross margin, adjusted EBITDA, as well as recurring cash flow. We believe future financial results will be driven by substantial demand for more tower space to facilitate high-speed 3G/4G wireless networks. Massive growth of mobile data-enabled devices e.g. smartphones and tablets are examples of this trend.
Our long-term view regarding wireless tower industry remains intriguing, and we believe Crown Castle is well positioned to successfully capitalize on these opportunities. Our 12-month price target is $51.
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