BMO Capital analyst Ari Klein lowered the firm’s price target on SBA Communications (SBAC) to $250 from $260 and keeps a Market Perform rating on the shares after its Q2 results. The company’s new long-term master lease agreement with AT&T (T) is helping to enhance long-term revenue visibility, but given the softer carrier spending, its 2024 setup looks challenging, the analyst tells investors in a research note. BMO adds however that leverage for SBA Communications continues to move lower and valuation appears attractive.
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