SBA Communications Corp. Stock Rating Reaffirmed by Nomura (SBAC)
SBA Communications Corp. (NASDAQ:SBAC)‘s stock had its “buy” rating reaffirmed by Nomura in a research note issued on Monday, Analyst Ratings.Net reports. They currently have a $90.00 price target on the stock, up from their previous price target of $85.00. Nomura’s price objective indicates a potential upside of 17.65% from the stock’s previous close.
The analysts wrote, “Tower industry revenue grew over 20% in 1H13, helped by strong carrier network spending and tower acquisitions. On an organic basis, we believe site rental revenue growth of ~11% for the tower operators is a sign of the health of the U.S. wireless industry and elevated capital spending. After 30% portfolio growth in 2012 across the three tower operators, profitability is recovering from diluted levels. Despite a still-tepid global economy, carriers are investing in their networks to respond to consumer demands and traffic growth. With our positive outlook and upwardly revised estimates, we are increasing our target prices for AMT and SBAC both from $85 to $90 and raising AMT to a Buy. We are raising our 2014 AFFO estimates for all three operators given strong activity levels and announced acquisitions.”
SBA Communications Corp. (NASDAQ:SBAC) opened at 77.34 on Monday. SBA Communications Corp. has a 52 week low of $59.26 and a 52 week high of $82.31. The stock has a 50-day moving average of $74.53 and a 200-day moving average of $75.17. The company’s market cap is $9.883 billion.
SBA Communications Corp. (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.28) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.10) by $0.18. The company had revenue of $324.30 million for the quarter, compared to the consensus estimate of $314.05 million. During the same quarter last year, the company posted ($0.44) earnings per share. SBA Communications Corp.’s revenue was up 41.6% compared to the same quarter last year. On average, analysts predict that SBA Communications Corp. will post $-0.62 earnings per share for the current fiscal year.
SBAC has been the subject of a number of other recent research reports. Analysts at Raymond James raised their price target on shares of SBA Communications Corp. (NASDAQ:SBAC) from $90.00 to $96.00 in a research note to investors on Tuesday, August 6th. Separately, analysts at Barclays Capital raised their price target on shares of SBA Communications Corp. (NASDAQ:SBAC) from $86.00 to $89.00 in a research note to investors on Tuesday, August 6th. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of SBA Communications Corp. (NASDAQ:SBAC) in a research note to investors on Monday, August 5th. They now have a $93.00 price target on the stock, up previously from $90.00.
Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $87.58.
SBA Communications Corporation (NASDAQ:SBAC) is an independent owner and operator of wireless communications towers.
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