UPDATE: Citigroup Reiterates Buy Rating, Raises PT on SBA Communications Corporation
In a report published Wednesday, Citigroup reiterated its Buy rating on SBA Communications Corporation (NASDAQ: SBAC), and raised its price target from $74.00 to $82.00.
Citigroup noted, “We rate SBA Communications Buy (1) based on: 1) favorable outlook for revenue and cashflow from a solid backdrop for site colocation and amendment activity for the Tower companies for the next few years; 2) SBA has successfully lowered its cost of debt recently, helping improve the outlook for AFFO per share growth vs. its Tower peers; and 3) an attractive valuation on our estimates for 2013 AFFO.”
SBA Communications Corporation closed on Monday at $70.99.
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