SBA Communications initiated with a Market Perform at BMO Capital

BMO Capital analyst Ari Klein initiated coverage of SBA Communications with a Market Perform rating and $260 price target. SBA is a tower pure-play with the highest exposure to the U.S. tower market, a growing international footprint, and the highest margins in the sector, the analyst tells investors in a research note. The firm sees “much to like” but says the company’s growth should face “multiple headwinds” the next few years, including churn and elevated leverage.