BTIG initiated Crown Castle with a Buy rating and $95 price target. The firm expects Crown Castle to beat its long-term 2016 AFFO/share growth expectations of 6-7% but believes shares should trade at a discount to peers given lower growth estimates.
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Pre-earnings options volume in Crown Castle is 2.7x normal with calls leading puts 8:5. Implied volatility suggests the market is anticipating a move near 3.8%, or $3.60, after results are released. Median move over the past eight quarters is 4.0%.