SBA Communications price target lowered to $205 from $215 at Wells Fargo

Wells Fargo lowered the firm’s price target on SBA Communications (SBAC) to $205 from $215 and keeps an Equal Weight rating on the shares. In the firm’s view, SBA has the “cleanest” outlook in 2026 given the shorter duration of its DISH leases, with its growth headwinds largely baked into estimates. However, it is unlikely to see any material AFFO/share growth until 2028 at the earliest. It feels less risky near-term given the relative DISH exposure, but it’s difficult to identify a tangible upside case, Wells argues.