UPDATE: Citigroup Raises PT to $62 on SBA Communications; Solid Q1, 2013 AFFO Prospects

Citigroup raises its price target from $60 to $62 on Buy-rated SBA Communications

following solid Q1 results and new disclosures affirming AGGO prospects for 2013. Citigroup notes, "SBA reported solid 1Q results, upwardly revised guidance mostly for the Mobilitie acquisition, & provided new AFFO disclosures that edged out our expectations. We remain a Buyer of SBA with a revised target price of $62 based on: 1) solid colocation revenue growth prospects with an upward bias from domestic carrier activity; 2) our upwardly revised outlook for AFFO of $3.61 per share; & 3) an attractive valuation with a P/AFFO for SBA of under 15x, which represents a 16% discount to the avg. of CCI & AMT at over 17x on our 2013 estimates, and we believe multiple expansion should be supported by SBA's favorable revenue & AFFO growth prospects." SBAC closed at $53.79 on Monday.