SBA Communications (SBAC) PT Raised to $150 at Jefferies Following 1Q

Jefferies raised its price target on SBA Communications (NASDAQ: SBAC) to $150.00 (from $133.00) while maintaining a Buy rating. 1Q Site leasing revenues of $397.6mn was 0.3% ahead of the Street's estimates. Site development revenue of $25.8mn beat the Street's $23.4mn estimates. AFFO per share of $1.69 beat estimates by $0.01.

The 2017 outlook for site leasing, EBITDA, and AFFO were raised by $12mn, $10mn, and $7mnm respectively. Contributions from recent acquisitions and site builds contributed ~40% of the revenue upside, with F/X another 33%.

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