UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on SBA Communications Corporation

In a report published Wednesday, Morgan Stanley reiterated its Overweight rating on SBA Communications Corporation (NASDAQ: SBAC), and raised its price target from $70.00 to $77.00.

Morgan Stanley noted, “We are rolling over the multiples from 2013E to 2014E. Our favorite pick continues to be SBA Communications, given the opportunistic use of cheap financing to grow its tower portfolio and earnings. Our estimates have also been updated to reflect American Tower's acquisition of KPN Towers in Germany and tower builds in India; and Crown Castle's recent refinancing activity.”

SBA Communications Corporation closed on Tuesday at $69.81.

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