Scotiabank Issues Pessimistic Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC) had its price target dropped by investment analysts at Scotiabank from $233.00 to $223.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price target would indicate a potential upside of 13.03% from the stock’s current price.

A number of other analysts also recently issued reports on SBAC. Wells Fargo & Company dropped their price objective on shares of SBA Communications from $205.00 to $195.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Royal Bank Of Canada lifted their price target on SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. cut their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Barclays decreased their price objective on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. Finally, UBS Group dropped their target price on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $233.00.

SBA Communications Stock Down 0.8%

Shares of NASDAQ SBAC opened at $197.29 on Monday. The stock’s 50-day simple moving average is $190.93 and its two-hundred day simple moving average is $194.66. SBA Communications has a twelve month low of $177.49 and a twelve month high of $245.16. The firm has a market capitalization of $21.02 billion, a P/E ratio of 20.70, a P/E/G ratio of 1.89 and a beta of 0.86.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, topping the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to analyst estimates of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.SBA Communications’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.47 earnings per share. As a group, research analysts anticipate that SBA Communications will post 12.57 EPS for the current fiscal year.

Institutional Trading of SBA Communications

A number of institutional investors have recently made changes to their positions in the stock. MAI Capital Management increased its stake in shares of SBA Communications by 7.9% in the second quarter. MAI Capital Management now owns 680 shares of the technology company’s stock worth $160,000 after buying an additional 50 shares during the period. Fortune Financial Advisors LLC grew its holdings in SBA Communications by 2.4% in the 3rd quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock worth $432,000 after acquiring an additional 53 shares during the last quarter. Prestige Wealth Management Group LLC increased its position in shares of SBA Communications by 3.6% in the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock valued at $332,000 after acquiring an additional 60 shares during the period. Choreo LLC raised its stake in shares of SBA Communications by 1.1% during the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock valued at $1,169,000 after acquiring an additional 63 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in shares of SBA Communications by 12.5% during the second quarter. Penserra Capital Management LLC now owns 587 shares of the technology company’s stock worth $137,000 after purchasing an additional 65 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Key Stories Impacting SBA Communications

Here are the key news stories impacting SBA Communications this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $220 and kept an “outperform” rating, citing upside (~11.5% vs. the recent price), which provides support for the stock. Read More.
• Neutral Sentiment: SBA presented at Citi’s Miami Global Property CEO Conference (transcript available). These presentation transcripts show management messaging to investors but did not contain material new guidance that would immediately move the share price. Read More.
• Neutral Sentiment: SBA also presented at the Raymond James Institutional Investor Conference (transcript available). Like the Citi appearance, this is useful for modeling management commentary but was not an earnings surprise. Read More.
• Neutral Sentiment: Brokerage consensus remains an average recommendation of “Moderate Buy,” indicating general analyst conviction in SBA’s long‑term thesis despite near‑term target moves. Read More.
• Negative Sentiment: Morgan Stanley cut its price target to $215 and set an “equal weight” rating, reducing near‑term upside expectations and adding selling pressure. Read More.
• Negative Sentiment: Scotiabank lowered its target from $233 to $223 and moved to “sector perform,” trimming its view of SBA’s relative upside. Read More.
• Negative Sentiment: Wells Fargo cut its price target to $195, the most conservative among recent changes and the closest to the current trading level, which likely contributed to downward pressure. Read More.

About SBA Communications

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.