UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on SBA Communications Corporation

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on SBA Communications Corporation SBAC, and raised its price target from $73.00 to $84.00. Deutsche Bank noted, “Strong 3Q results highlighted by industry leading AFFO/share growth. SBAC's results beat expectations for revenue, EBITDA and AFFO, generating 29% AFFO/share growth. The company also updated its 2012 outlook to account for the T-Mo MLA and TowerCo deal, with 4Q guidance ahead of our ests. While SBAC's initial 2013 outlook was modestly below our ests, it still represents 22% growth in AFFO/share (industry-leading) and is based on some conservative assumptions. We are increasing our PT to $84 (from $73) and reiterate Buy on Top Pick SBAC, which continues to trade at the lowest AFFO multiple in the tower sector despite the highest growth in AFFO/share.” SBA Communications Corporation closed on Tuesday at $66.40.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsDeutsche Bank
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!