UPDATE: Benchmark Raises SBA Communications' PT

According to a research report published this morning, Benchmark has increased SBA Communications Corporation

PT from $50 to $54 per share. In the report, Benchmark commented, “ SBA provides mission-critical real-estate to the wireless industry but is not structured as a REIT. Its REIT peer, American Tower (

), is valued at a premium to SBA even though SBA possesses very similar assets with greater exposure to the low-risk US market. We think this value gap should close. At 16x recurring free cash flow per share (RFCF) with 15%-20% annual growth and limited operating risk, SBA appears attractively valued. We raise our price target from $50 to $54 per share, using our industry RFCF multiple of 19x 2012E. Our rating remains Buy.” SBA closed yesterday at $45.39.