SBA Communications price target lowered to $220 from $265 at RBC Capital

RBC Capital lowered the firm’s price target on SBA Communications to $220 from $265 but keeps an Outperform rating on the shares as part of a broader research note on U.S. Tower REITs ahead of the Q3 earnings season. The firm is updating its model to reflect the forward interest rate curve, FX movements, and assumed rates for debt issuances maturing in 2023 and 2024, though the analyst also believes that slower leasing expectations are largely reflected in the current multiple, and the company is positioned to benefit earlier from a leasing re-acceleration.