UPDATE: Piper Jaffray Upgrades SBA Communications to Overweight

Piper Jaffray raises its rating on SBA Communications

based on relative valuation and catalysts on light. Piper Jaffray says, "We had previously considered American Tower to be the most attractive tower stock, but its catalysts have largely been played out and its valuation remains richer than its peers. SBA is the tower stock with the most attractive valuation today and has, in our opinion, real near-term catalysts that start with the inclusion of Mobilitie in estimates. ...Including this accretive acquisition (based on our estimates), we estimate that SBA is currently trading at a 2013 yield of 6.8%, significantly higher than the company's peers. As management has yet to provide pro forma estimates or guidance, we believe the majority of the Street has yet to factor in this potential upside." SBAC closed at $51.95 on Thursday.