SBA Communications price target lowered to $266 from $343 at TD Cowen

TD Cowen lowered the firm’s price target on SBA Communications to $266 from $343 and keeps an Outperform rating on the shares. The firm said they reported mixed 4Q23 results and provided downside initial 2024 guidance versus the Street. With carrier spending on towers remaining muted and the timeline for a reacceleration being less clear, Cowen does not see a near-term catalyst path for the company absent an improvement in leasing volume. T