UPDATE: Citigroup Raises Target on SBA Communications to $53

Citigroup raises its price target on Neutral-rated SBA Communications SBAC up $11, to $53, as it believes shares should have upside on acquisition activity. Citigroup says, "SBAC reported in-line 4Q results and modestly adjusted FY12 guidance, excluding the impact of the recent portfolio acquisition from Mobilitie consisting of >2.3k towers & 9 DAS networks. We believe SBAC shares are likely to have an upward bias in the near term given the valuation discount to AMT on implied P/AFFO multiples and a solid backdrop for site colocation fundamentals with wireless carriers getting more aggressive in their coverage and capacity deployments for 4G wireless services, while our Neutral rating incorporates the limited level of upside to our revised price target of $53." SBAC closed at $46.96 a share yesterday.
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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookAnalyst RatingsCitigroup
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