UPDATE: Pacific Crest Securities Reiterates Outperform Rating, Raises PT on SBA Communications Corporation Following Beat/Raise Quarter

In a report published Monday, Pacific Crest Securities analyst Michael Bowen reiterated an Outperform rating on

, and raised the price target from $112.00 to $116.00. In the report, Pacific Crest Securities noted, “We are increasing our 2014 estimates following strong site leasing activity and strong prospects for more site leasing in 2014 from the carriers not included in SBA's 2014 outlook , as well as unexpected strength from recent portfolio acquisitions. Our $116 target is 23x 2014 P/AFFO, which is in line with peers' target multiples, though our estimate has SBA growing 2014 AFFO/share by 22.7%, better than the peer average of 14.5%.” SBA Communications Corporation closed on Friday at $94.89.