Barclays Maintains an 'Overweight' on SBA Communications (SBAC); 2012 Guidance Looks Good, But 3Q11 Results Less Exciting
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Price: $182.59 +1.14%
Rating Summary:
20 Buy, 14 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
20 Buy, 14 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on SBA Communications (NASDAQ: SBAC) price target of $49.00.
Barclays analyst says, "SBAC's 3Q11 results were modestly below our top-of-guidance forecast, while the company's 2012 guidance was better than we had predicted. 3Q11 results were below our topline forecast, which flowed through to adjusted EBITDA, although margins were slightly above our expectations. SBAC's new 2012 guidance features revenue well above our forecasts, due in part (we believe) to the impact of the company's newly-signed Sprint MLA; our 2012 operating cash flow metrics (EBITDA, tower cash flow) are roughly in line with the midrange of the company's guidance."
"2012 Guidance: Mid-range revenue guidance of $798MM far exceeds our estimate of $766MM, partially due to a new MLA with Sprint. However, since the deal is non-cash, mid-range adjusted EBITDA forecasts of $501MM and tower cash flows of $541MM are only marginally higher than our estimates of $493MM and $539MM, respectively."
For more ratings news on SBA Communications click here and for the rating history of SBA Communications click here.
Shares of SBA Communications closed at $38.09 yesterday.
Barclays analyst says, "SBAC's 3Q11 results were modestly below our top-of-guidance forecast, while the company's 2012 guidance was better than we had predicted. 3Q11 results were below our topline forecast, which flowed through to adjusted EBITDA, although margins were slightly above our expectations. SBAC's new 2012 guidance features revenue well above our forecasts, due in part (we believe) to the impact of the company's newly-signed Sprint MLA; our 2012 operating cash flow metrics (EBITDA, tower cash flow) are roughly in line with the midrange of the company's guidance."
"2012 Guidance: Mid-range revenue guidance of $798MM far exceeds our estimate of $766MM, partially due to a new MLA with Sprint. However, since the deal is non-cash, mid-range adjusted EBITDA forecasts of $501MM and tower cash flows of $541MM are only marginally higher than our estimates of $493MM and $539MM, respectively."
For more ratings news on SBA Communications click here and for the rating history of SBA Communications click here.
Shares of SBA Communications closed at $38.09 yesterday.
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