Zacks Investment Research Downgrades SBA Communications (SBAC) to Sell
Zacks Investment Research cut shares of SBA Communications (NASDAQ:SBAC) from a hold rating to a sell rating in a research report released on Friday morning.
According to Zacks, “SBA Communications continues to face headwinds like high customer concentration and consolidation in the wireless industry, which is likely to affect the company's top line. Evolution of new technologies may reduce demand for site leases and increase costs. On the flip side, the company is poised to gain from rapid technological improvement in the telecommunication industry. Based on its tower operations, the company is optimistic about the global growth of wireless and thus anticipates international expansion. The company’s tower buyouts in emerging markets and long-term tower leases with major wireless carriers have driven its top line and lend it a competitive edge. Over the past six months, the stock rallied 19.7% as against the industry's growth of 10.7%. “
Other equities analysts also recently issued reports about the stock. Cowen reaffirmed a buy rating and set a $170.00 price objective (up from $155.00) on shares of SBA Communications in a research note on Tuesday, December 5th. Morgan Stanley upped their price objective on shares of SBA Communications from $169.00 to $190.00 and gave the company an overweight rating in a research note on Tuesday, November 14th. BidaskClub raised shares of SBA Communications from a strong sell rating to a sell rating in a research note on Thursday, January 25th. Barclays reiterated a buy rating and set a $178.00 price target on shares of SBA Communications in a research report on Friday, January 19th. Finally, Guggenheim set a $172.00 price target on shares of SBA Communications and gave the company a buy rating in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $165.07.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at about $108,000. Sun Life Financial INC purchased a new stake in SBA Communications in the third quarter worth about $127,000. Tower Research Capital LLC TRC grew its holdings in SBA Communications by 168.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock worth $132,000 after purchasing an additional 508 shares during the period. Advisor Group Inc. grew its holdings in SBA Communications by 9.7% in the second quarter. Advisor Group Inc. now owns 1,286 shares of the technology company’s stock worth $172,000 after purchasing an additional 114 shares during the period. Finally, Toronto Dominion Bank grew its holdings in SBA Communications by 9.5% in the second quarter. Toronto Dominion Bank now owns 1,487 shares of the technology company’s stock worth $201,000 after purchasing an additional 129 shares during the period. Institutional investors own 95.08% of the company’s stock.
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SBA Communications Company Profile
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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