Royal Bank Of Canada Issues Pessimistic Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

Key Points

• Royal Bank of Canada lowered its target price for SBA Communications from $255.00 to $235.00, while maintaining an "outperform" rating, indicating a potential upside of 22.53% from the current stock price.
• Other analysts have varied opinions, with Morgan Stanley increasing their target to $260.00, while Goldman Sachs decreased theirs to $220.00, showing a range of analyst sentiment towards the stock.
• SBA Communications reported a quarterly revenue of $698.98 million, surpassing estimates, but earnings per share fell compared to the same quarter last year, highlighting mixed financial performance.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price decreased by analysts at Royal Bank Of Canada from $255.00 to $235.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's target price indicates a potential upside of 22.53% from the stock's current price.

A number of other equities research analysts have also recently issued reports on SBAC. Morgan Stanley boosted their price objective on SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. JMP Securities set a $280.00 price objective on shares of SBA Communications and gave the company a "market outperform" rating in a research note on Tuesday, August 5th. The Goldman Sachs Group dropped their target price on SBA Communications from $250.00 to $220.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company boosted their price objective on SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $249.07.

SBA Communications Stock Performance

NASDAQ SBAC opened at $191.79 on Thursday. The company has a market capitalization of $20.59 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 1.83 and a beta of 0.82. SBA Communications has a 52-week low of $186.81 and a 52-week high of $252.64. The company has a 50-day simple moving average of $210.13 and a 200 day simple moving average of $222.05.

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

Institutional Trading of SBA Communications

Hedge funds have recently made changes to their positions in the stock. Independence Bank of Kentucky bought a new position in SBA Communications in the first quarter valued at $28,000. CVA Family Office LLC increased 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 purchasing an additional 67 shares during the last quarter. Stone House Investment Management LLC purchased a new position in shares of SBA Communications during the 1st quarter valued at about $33,000. Allworth Financial LP lifted its position in SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after buying an additional 62 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after buying an additional 84 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

About SBA Communications

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.

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