SBA Communications price target lowered to $265 from $285 at BMO Capital

BMO Capital analyst Ari Klein lowered the firm’s price target on SBA Communications to $265 from $285 and keeps an Outperform rating on the shares. The company’s Q4 results topped expectations but its guidance was light, the analyst tells investors in a research note. SBA Communications’ domestic leasing will take a big step back in 2024, though the company’s international outlook was “also underwhelming”, the firm added. BMO notes however that the low expectations are priced in at a current valuation of 15.5-times expected 2024 AFFO.