Benchmark Capital Maintains Buy On SBA Communications (SBA)

Benchmark Capital is maintaining its Buy rating on SBA Communications Corporation SBAC after the company reported better than expected earnings. It has a $45 price target on shares. In a note to clients, Benchmark writes, "Last night, SBA Communications (SBA) reported solid 3Q10 results and 2011 guidance. Interestingly, SBA did not announce a tenant lease modification like tower peer Crown Castle. The 2011 EBITDA guidance midpoint is $435 million, only $3 million below our prior estimate. This represents a good starting point as SBA is typically conservative with its initial outlook. We maintain our Buy rating." Shares of SBAC gained 84 cents yesterday to close at $40.04.