SBA Communications price target raised to $250 from $235 at KeyBanc

KeyBanc raised the firm’s price target on SBA Communications (SBAC) to $250 from $235 to reflect higher estimates, while keeping an Overweight rating on the shares. The firm notes Q1 results were slightly better than expected. Looking forward, KeyBanc sees a broad array of spectrum coming in the pipeline, which should drive leasing. Fundamentally, the firm remains confident in SBA returning to a mid-single digit organic revenue and AFFO/share growth returning to the mid-to-high-single digit long-term, which continues to look undervalued.