BMO Capital lowered the firm’s price target on SBA Communications to $245 from $250 and keeps an Outperform rating on the shares. The company’s Q2 results were mixed with slight AFFO per share upside, but light on revenue and EBITDA and its 2024 guidance was lowered for FX but otherwise masks an underlying increase, the analyst tells investors in a research note. There was also no change to SBA Communications’ posture on the subdued carrier activity backdrop, while the second-half domestic leasing is expected to moderate from the first half, the firm added.
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