SBA Communications price target lowered to $276 from $290 at RBC Capital

RBC Capital analyst Jonathan Atkin lowered the firm’s price target on SBA Communications to $276 from $290 but keeps an Outperform rating on the shares as part of a broader research note on U.S. Towers. The firm is updating its model for changes in interest rates and foreign exchange rates, and company-specific refinancing activity and assumptions ahead of the Q2 earnings reports for the group. The firm adds however that SBA Communications uniquely benefits among the national tower operators from its higher exposure to U.S. macro tower leasing drivers, with relatively less exposure to international markets with choppier operating trends or small cells/fiber operations with an uncertain profile.