Citigroup Issues Pessimistic Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

Key Points

• Citigroup has lowered its price target for SBA Communications from $265.00 to $235.00, but maintains a "buy" rating, suggesting a potential upside of about 20.85% from the last close.
• Other analysts, including UBS, Raymond James, and KeyCorp, also adjusted their price targets, with the consensus price target for SBA Communications now at $246.40.
• SBA Communications recently reported earnings that exceeded expectations, with a revenue increase of 5.8% year-over-year, although EPS declined from $3.29 to $3.17 compared to the same period last year.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its price objective decreased by equities research analysts at Citigroup from $265.00 to $235.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Citigroup's price objective points to a potential upside of 20.85% from the company's previous close.

Several other equities research analysts have also issued reports on SBAC. UBS Group decreased their price target on shares of SBA Communications from $285.00 to $275.00 and set a "buy" rating on the stock in a report on Tuesday. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the company a "strong-buy" rating in a report on Tuesday, August 5th. JMP Securities set a $280.00 price target on shares of SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Scotiabank assumed coverage on shares of SBA Communications in a report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price on the stock. Finally, KeyCorp reduced their target price on shares of SBA Communications from $280.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus price target of $246.40.

SBA Communications Trading Up 1.8%

Shares of NASDAQ:SBAC opened at $194.45 on Thursday. The firm has a 50 day moving average of $202.62 and a 200-day moving average of $220.06. The stock has a market capitalization of $20.88 billion, a PE ratio of 24.71, a PEG ratio of 2.01 and a beta of 0.82. SBA Communications has a 12 month low of $185.45 and a 12 month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating the consensus estimate of $3.10 by $0.07. The company had revenue of $698.98 million during the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. On average, research analysts predict that SBA Communications will post 12.57 EPS for the current fiscal year.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently modified their holdings of SBAC. CVA Family Office LLC lifted its position in shares of SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company's stock valued at $31,000 after acquiring an additional 67 shares during the period. Stone House Investment Management LLC acquired a new position in shares of SBA Communications during the 1st quarter valued at $33,000. Allworth Financial LP lifted its position in shares of SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after acquiring an additional 62 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after acquiring an additional 84 shares during the period. Finally, Summit Securities Group LLC acquired a new position in shares of SBA Communications during the 1st quarter valued at $47,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.