SBA Communications' (SBAC) "Buy" Rating Reaffirmed at Truist Financial

Key Points

• Truist Financial reaffirmed its Buy rating on SBA Communications and raised the price target to $248 (from $247), implying about a 13.44% upside.
• Overall analyst sentiment is a Moderate Buy with an average target of $237.74; ratings among analysts are mixed (1 Strong Buy, 8 Buy, 10 Hold).
• The stock is trading around $218.62 (market cap $23.13B) after reporting quarterly EPS of $3.47 that beat estimates, with revenue up 3.7% year-over-year but slightly below forecasts and a net margin of 35.66%.

SBA Communications (NASDAQ:SBAC - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Truist Financial in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $248.00 target price on the technology company's stock, up from their previous target price of $247.00. Truist Financial's price target indicates a potential upside of 13.44% from the company's current price.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of SBA Communications from $245.00 to $240.00 and set a "neutral" rating on the stock in a research report on Monday, January 12th. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a research report on Thursday, March 5th. They set a "market perform" rating and a $218.00 target price on the stock. KeyCorp upped their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. UBS Group cut their target price on shares of SBA Communications from $275.00 to $260.00 and set a "buy" rating on the stock in a research report on Tuesday, January 20th. Finally, Royal Bank Of Canada upped their target price on shares of SBA Communications from $215.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, SBA Communications presently has a consensus rating of "Moderate Buy" and an average target price of $237.74.

SBA Communications Stock Up 0.3%

NASDAQ:SBAC traded up $0.71 during mid-day trading on Tuesday, reaching $218.62. 52,049 shares of the company were exchanged, compared to its average volume of 1,108,786. SBA Communications has a 12 month low of $162.41 and a 12 month high of $245.16. The company has a fifty day moving average of $198.62 and a 200 day moving average of $194.27. The stock has a market cap of $23.13 billion, a PE ratio of 22.91, a PEG ratio of 2.17 and a beta of 1.03.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, topping analysts' consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The firm had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. During the same quarter in the prior year, the firm earned $3.47 EPS. The company's revenue was up 3.7% on a year-over-year basis. On average, equities research analysts anticipate that SBA Communications will post 11.49 EPS for the current fiscal year.

Hedge Funds Weigh In On SBA Communications

Hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC grew its stake in shares of SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company's stock worth $25,000 after acquiring an additional 110 shares in the last quarter. Quent Capital LLC bought a new position in shares of SBA Communications during the 3rd quarter worth approximately $27,000. DV Equities LLC bought a new position in shares of SBA Communications during the 4th quarter worth approximately $29,000. Fulcrum Asset Management LLP bought a new position in shares of SBA Communications during the 3rd quarter worth approximately $32,000. Finally, Geneos Wealth Management Inc. grew its stake 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 worth $36,000 after acquiring an additional 84 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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