Raymond James raised the firm’s price target on SBA Communications (SBAC) to $300 from $285 and keeps a Strong Buy rating on the shares. SBA’s Q3 results included a slight increase of 2024 guidance, an improved tone on U.S. carrier activity, and the announced acquisition of more than 7,000 towers from Millicom (TIGO) for roughly $975M, the analyst tells investors in a research note. The firm continues to see an attractive risk-reward in all three tower stocks, with non-cyclical, cash-yielding businesses that feature long-term secular growth, and thinks that stabilizing and potentially declining interest rate environment should benefit multiples.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SBAC:
- SBA Communications price target raised to $261 from $251 at TD Cowen
- Millicom, SBA Communications agree to long-term partnership in Central America
- SBA Communications reports Q3 AFFO $3.32, consensus $3.32
- SBA Communications raises FY24 AFFO view to $13.20-$13.45 from $13.06-$13.43
- SBAC Upcoming Earnings Report: What to Expect?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
