SBA Communications price target lowered to $260 from $270 at Wells Fargo

Wells Fargo analyst Eric Luebchow lowered the firm’s price target on SBA Communications to $260 from $270 and keeps an Overweight rating on the shares. The firm notes SBA’s guidance in slightly light, although it views it as conservative with beat-and-raise upside in 2024. With $1B in unencumbered free cash flow to opportunistically repurchase debt, Wells sees any weakness as a buying opportunity.