UPDATE: Credit Suisse Assumes Coverage on SBA Communications with Outperform Rating, $70 PT
In a report published Monday, Credit Suisse assumed coverage on SBA Communications (NASDAQ: SBAC) with an Outperform rating and $70.00 price target.
Credit Suisse noted, “We are assuming coverage of SBAC. We maintain our estimates and our Outperform rating. SBAC currently trades at a discount to peers at 16.5x times our 2013 AFFO estimate (peer group = 18x); moreover, SBAC produces the highest AFFO growth per share and will likely continue to do so for the foreseeable future. Our $70 DCF-based target price assumes revenue growth of 13% and AFFO per share growth of ~20% over the next five years.”
SBA Communications closed on Friday at $66.10.
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Tags: Credit Suisse
Posted in: Analyst Color, Initiation, Analyst Ratings
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