UPDATE: Canaccord to Increases PT on SBA Communications to $67

According to a research report published this morning, Canaccord reiterates its Buy rating for SBA Communications Corporation SBAC and increases its target price to $67.00. Canaccord mentions in the report, “Following the announcement of the acquisition of TowerCo assets, we are increasing our estimates and raising our price target to $67 from $60 on the belief that not only were previous estimates conservative but also that SBA Communications will be capable of leasing up the towers, improving unit tower cash flow and ultimately continuing to improve shareholder value. As the size differential between public and private tower companies continues to grow, we believe the benefit to wireless carriers in dealing with the larger entities could tip the balance of power in favor of SBAC, AMT and CCI. We believe additional M&A activity could become easier if private tower companies find it difficult to lease up at rates similar to larger public companies.” SBA Communications Corporation closed yesterday at $57.15.