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

In a report published Wednesday, Citigroup reiterated its Buy rating on SBA Communications Corporation SBAC, and raised its price target from $74.00 to $82.00. Citigroup noted, “We rate SBA Communications Buy (1) based on: 1) favorable outlook for revenue and cashflow from a solid backdrop for site colocation and amendment activity for the Tower companies for the next few years; 2) SBA has successfully lowered its cost of debt recently, helping improve the outlook for AFFO per share growth vs. its Tower peers; and 3) an attractive valuation on our estimates for 2013 AFFO.” SBA Communications Corporation closed on Monday at $70.99.