SBA Communications price target lowered to $300 from $340 at Wells Fargo

Wells Fargo analyst Eric Luebchow lowered the firm’s price target on SBA Communications (SBAC) to $300 from $340 and keeps an Overweight rating on the shares. The firm likes SBA’s attractive valuation, although it acknowledges some uncertainty on the 2024 outlook, especially with Dish (DISH). Wells does favor SBA’s free cash flow flexibility with repurchases and/or M&A looking likely later in 2023.