As previously reported, BofA downgraded SBA Communications (SBAC) to Neutral from Buy with a $245 price target. The firm is downgrading Crown Castle (CCI) and SBA, citing moderating domestic growth, interest rates headwinds, elevated Sprint churn, and company-specific elements hindering AFFO per share growth. BofA reiterates American Tower (AMT) as its top tower pick with a Buy rating, saying it favors American’s holistic master lease agreement contract structures domestically, diverse international exposure and its “peer leading” AFFO per share growth.
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