SBA Communications (SBAC) PT Lowered to $227 at KeyBanc

KeyBanc analyst Brandon Nispel lowered the price target on SBA Communications (NASDAQ: SBAC) to $227.00 (from $276.00) while maintaining a Overweight rating.

The analyst commented, "We remain Overweight SBAC though adjust our estimates lower, driving our price target to $227, as we now utilize a lower multiple. Results were below expectations, with consolidated organic growth in line but lower Domestic organic growth. Adjusted EBITDA and AFFO/sh also missed. Going forward, while SBAC remains an Overweight-rated name for us given its inexpensive valuation relative to history, potential leasing upside as the cycle bottoms, and upside to AFFO as interest rates moderate, we acknowledge a lack of catalysts: 1) domestic leasing is likely to stay at current levels in 2025, in our view; 2) interest rate headwinds will likely cause a refinancing headwind in 2025/2026 should rates stay elevated; and 3) these factors lead to low to no AFFO/sh growth for the intermediate term."

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