SBA Communications (SBAC) PT Lowered to $253 at TD Cowen

TD Cowen analyst Michael Elias lowered the price target on SBA Communications (NASDAQ: SBAC) to $253.00 (from $266.00) while maintaining a Buy rating.

The analyst commented, "SBAC reported downside 1Q24 results and lowered its 2024 guide due largely to FX. Mgmt. commentary suggests a U.S. carrier activity improvement although it remains TBD if this will drive improved 2025 U.S. new leasing activity. Given the higher-for-longer rate environment absent an improvement in domestic carrier spending we do not see a NT catalyst path but we maintain our positive LT view."

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