SBA Communications price target lowered to $330 from $370 at RBC Capital

RBC Capital analyst Jonathan Atkin lowered the firm’s price target on SBA Communications to $330 from $370 but keeps an Outperform rating on the shares. The company’s Q3 results were stronger than expected, but his reduced price target reflects the updated valuation parameters based on higher interest rates, the analyst tells investors in a research note. Longer term, the tower business remains fundamentally decoupled from macroeconomic pressures, as wireless 4G and subsequent deployment of mobile 5G spectrum is a competitive necessity for the major carriers, Atkin adds.