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.