SBA Communications (NASDAQ:SBAC) Rating Lowered to "Neutral" at Bank of America

Key Points

• Investment analysts at Bank of America have downgraded SBA Communications from a "buy" rating to a "neutral" rating, setting a price objective of $230, which suggests a potential upside of 5.10% from its previous close.
• The company's stock has an average price target consensus of $256.38 and a rating distribution that includes two Strong Buy, seven Buy, and eight Hold ratings.
• SBA Communications reported a revenue of $698.98 million for the latest quarter, which exceeded analysts' expectations and marked a year-over-year increase of 5.8%.

SBA Communications (NASDAQ:SBAC - Get Free Report) was downgraded by investment analysts at Bank of America from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday,Finviz reports. They presently have a $230.00 price objective on the technology company's stock. Bank of America's price target would indicate a potential upside of 5.10% from the stock's previous close.

Several other brokerages also recently commented on SBAC. Raymond James Financial set a $265.00 price objective on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. BMO Capital Markets upped their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Scotiabank assumed coverage on shares of SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target for the company. Citigroup reissued an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Finally, Wells Fargo & Company increased their price target on shares of SBA Communications from $225.00 to $235.00 and gave the stock 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 given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $256.38.

SBA Communications Stock Down 1.2%

SBA Communications stock opened at $218.84 on Wednesday. The company has a market capitalization of $23.50 billion, a PE ratio of 27.81, a P/E/G ratio of 2.04 and a beta of 0.77. The firm has a fifty day simple moving average of $228.49 and a two-hundred day simple moving average of $225.05. SBA Communications has a twelve month low of $192.55 and a twelve month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.07. The business had revenue of $698.98 million during 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 firm's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm posted $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities analysts expect that SBA Communications will post 12.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently made changes to their positions in SBAC. NewEdge Advisors LLC grew its holdings in shares of SBA Communications by 23.9% during the fourth quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock valued at $260,000 after buying an additional 246 shares during the last quarter. MML Investors Services LLC grew its holdings in shares of SBA Communications by 15.6% during the fourth quarter. MML Investors Services LLC now owns 9,277 shares of the technology company's stock valued at $1,891,000 after buying an additional 1,249 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of SBA Communications during the fourth quarter valued at approximately $228,000. Coldstream Capital Management Inc. grew its holdings in shares of SBA Communications by 13.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 1,264 shares of the technology company's stock valued at $258,000 after buying an additional 151 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of SBA Communications by 13.7% during the fourth quarter. Northern Trust Corp now owns 1,208,790 shares of the technology company's stock valued at $246,351,000 after buying an additional 145,823 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

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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