UPDATE: J.P. Morgan Moves SBA Communications from Not Rated to Overweight Rating, $75 PT
In a report published Wednesday, J.P. Morgan & Co. moved SBA Communications Corporation (NASDAQ: SBAC) from a Not Rated designation to an Overweight rating with a $75.00 price target.
J.P. Morgan noted, “Following a period of restriction, we are moving from a Not Rated designation to an Overweight rating and a December 2013 price target of $75 (Overweight rating and December 2012 $61 price target prior to restriction). SBA has been a superior operating and financial performer, and we believe warrants a premium valuation. SBA has recently signed MLAs with both Sprint for Network Vision and TMobile USA for its LTE build and network modernization. SBA is expanding internationally with a focus on markets that are fairly mature but still offer higher growth and better return prospects than the US. Furthermore, we believe the acquisition of Mobilitie and now TowerCo give SBA a strong runway for incremental US growth.”
SBA Communications Corporation closed on Tuesday at $62.45.
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