Soleil Securities Maintains 'Buy' Rating on SBA Communications (SBAC), Lowers Price Target
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Soleil Securities maintains a 'Buy' rating on SBA Communications (Nasdaq: SBAC), lowers price target from $38 to $25.
Soleil analyst says, "We view the stock as more risky than its peers since we expect SBAC to access the capital markets in '10 in our models for the re-marketing of tower-backed notes. Current leverage (10.8X) improves to 6.2X by the refinancing, with interest coverage over 2.0X. SBAC has 13.3% of its debt floating...Reducing '08E to ($0.60) from ($0.54) and '09E to ($0.31) from $0.02 due to higher D&A and interest expense."
SBA Communications Corporation (SBA) is an independent owner and operator of wireless communications towers.
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