As previously reported, BofA analyst Michael Funk downgraded SBA Communications (SBAC) to Neutral from Buy with a price target of $230, down from $260, following the AT&T (T) and EchoStar (SATS) mid-band spectrum deal announcement. EchoStar exposure is not unique to SBA or towers and the firm does not expect the churn to be outsized for SBA, but it highlights the potential for incremental deployments on the AT&T side to be longer-dated and views positive catalysts as “longer-dated” post the announcement.
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