UPDATE: Deutsche Bank Raises PT on SBA Communications from $70 to $72

Deutsche Bank reiterated a Buy rating on SBA Communication

and raised its price target from $70 to $72. Deutsche Bank noted, “2Q exceeds expectations; SBAC increases outlook on core strength and DAS - SBAC reported strong 2Q results, exceeding the high end of guidance for all key operating metrics and upwardly revising its full year outlook. Both the beat and the raise were driven by a mix of stronger-than-expected demand trends and contributions from retained DAS assets that SBAC originally intended to sell. We are increasing our forecasts to reflect record level tower leasing volumes, raising our price target to $72 (old $70) and reiterating our Buy rating.” SBA Communications closed at $59.19 on Friday.