UPDATE: Deutsche Bank Raises PT on SBA Communications Following Solid 2Q Report

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on SBA Communications SBAC, and raised the price target from $90.00 to $93.00.

In the report, Deutsche Bank noted, “Maintain Buy and raising price target to $93 (27% potential upside). SBAC reported a clean 2Q beat-and-raise driven by strong demand for tower space as a result of rapid LTE upgrades by the Big 4 carriers. Unimpressed, investors sent the shares down 1.25% despite the S&P 500 hitting a record high and the 10-year treasury yield coming down. In our view, this underperformance has created an attractive buying opportunity as we believe the market is overlooking how positive SBAC's results are for the operator, and as a leading indicator for the tower sector overall. We have increased our estimates to reflect these strong organic demand trends, boosted our PT to $93 from $90 and reiterate our Buy rating on top pick SBAC.”

SBA Communications closed on Friday at $73.38.