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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SBAC:
- SBA Communications downgraded to Neutral from Buy at BofA
- EchoStar spectrum sale a negative for tower sector, says BMO Capital
- SBA Communications’ Earnings Call: Positive Outlook Amid Challenges
- SBA Communications price target lowered to $265 from $268 at Raymond James
- SBA Communications price target raised to $280 from $270 at Citizens JMP