KeyCorp Lowers SBA Communications (NASDAQ:SBAC) Price Target to $235.00

Key Points

• KeyCorp has reduced the price target for SBA Communications from $280.00 to $235.00, while maintaining an "overweight" rating, suggesting a potential upside of 16.87% from the stock's previous close.
• Multiple analysts have provided mixed ratings as Wells Fargo raised its target to $235.00, while Deutsche Bank downgraded the stock to "hold" with a target of $247.00.
• SBA Communications reported $3.17 EPS for the last quarter, surpassing analyst expectations, with revenues reaching $698.98 million compared to forecasts of $670.73 million.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its price target decreased by stock analysts at KeyCorp from $280.00 to $235.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. KeyCorp's target price points to a potential upside of 18.20% from the stock's previous close.

A number of other equities research analysts have also weighed in on SBAC. UBS Group boosted their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Citigroup restated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Barclays lowered their price objective on shares of SBA Communications from $257.00 to $226.00 and set an "overweight" rating for the company in a report on Monday. Finally, Bank of America lowered shares of SBA Communications from a "buy" rating to a "neutral" rating and lowered their price target for the company from $260.00 to $230.00 in a report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and an average price target of $251.63.

SBA Communications Stock Performance

SBA Communications stock traded down $0.56 during mid-day trading on Wednesday, hitting $198.82. 1,119,769 shares of the company traded hands, compared to its average volume of 1,394,953. SBA Communications has a one year low of $186.81 and a one year high of $252.64. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 25.26, a price-to-earnings-growth ratio of 1.88 and a beta of 0.80. The stock has a fifty day moving average price of $216.93 and a 200-day moving average price of $223.53.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. The firm had revenue of $698.98 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. Sell-side analysts predict that SBA Communications will post 12.57 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC purchased a new position in SBA Communications during the 2nd quarter valued at $217,000. Osaic Holdings Inc. increased its position in SBA Communications by 7.0% during the 2nd quarter. Osaic Holdings Inc. now owns 14,076 shares of the technology company's stock valued at $3,304,000 after purchasing an additional 915 shares during the period. Orion Porfolio Solutions LLC increased its position in SBA Communications by 26.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 5,692 shares of the technology company's stock valued at $1,337,000 after purchasing an additional 1,206 shares during the period. Munro Partners purchased a new position in SBA Communications during the 2nd quarter valued at $2,185,000. Finally, Marex Group plc purchased a new position in SBA Communications during the 2nd quarter valued at $1,689,000. 97.35% of the stock is owned by hedge funds and other 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.