SBA Communications (NASDAQ:SBAC) Price Target Cut to $220.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley has decreased its price target for SBA Communications from $260.00 to $220.00, maintaining an "equal weight" rating.
• Several analysts have also lowered their price targets, with a current consensus price target of $243.73 and a consensus rating of "Moderate Buy."
• SBA Communications recently reported quarterly earnings of $3.17 EPS, exceeding estimates, with revenue of $698.98 million for the quarter.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its price objective decreased by research analysts at Morgan Stanley from $260.00 to $220.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price target points to a potential upside of 11.18% from the company's previous close.

A number of other analysts also recently issued reports on SBAC. KeyCorp dropped their price target 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. Citigroup dropped their price target on shares of SBA Communications from $265.00 to $235.00 and set a "buy" rating on the stock in a report on Thursday. The Goldman Sachs Group dropped their price objective on shares of SBA Communications from $250.00 to $220.00 and set a "neutral" rating on the stock in a report on Wednesday, October 1st. Scotiabank began coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective on the stock. Finally, Royal Bank Of Canada dropped their price objective on shares of SBA Communications from $255.00 to $235.00 and set an "outperform" rating on the stock in a report on Thursday, October 2nd. Two 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.73.

SBA Communications Trading Up 1.8%

NASDAQ:SBAC traded up $3.42 on Thursday, reaching $197.87. 349,821 shares of the stock traded hands, compared to its average volume of 945,181. The company's fifty day simple moving average is $202.62 and its 200 day simple moving average is $220.06. The company has a market capitalization of $21.25 billion, a price-to-earnings ratio of 25.27, 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 $248.89.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. The firm had revenue of $698.98 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. Equities analysts anticipate that SBA Communications will post 12.57 EPS for the current fiscal year.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in SBA Communications by 0.5% during the second quarter. Vanguard Group Inc. now owns 17,760,251 shares of the technology company's stock worth $4,170,817,000 after purchasing an additional 93,582 shares during the period. Dodge & Cox lifted its position in SBA Communications by 1.5% during the second quarter. Dodge & Cox now owns 8,608,494 shares of the technology company's stock worth $2,021,619,000 after acquiring an additional 123,230 shares during the last quarter. JPMorgan Chase & Co. lifted its position in SBA Communications by 40.3% during the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. State Street Corp lifted its position in SBA Communications by 0.5% during the second quarter. State Street Corp now owns 4,613,181 shares of the technology company's stock worth $1,083,359,000 after acquiring an additional 24,793 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 7.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

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.

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