RBC Capital raised the firm’s price target on SBA Communications to $245 from $235 and keeps an Outperform rating on the shares. The firm is adjusting its model after the company’s “mixed” Q2 results saw site leasing revenue and EBITDA below expectations on FX headwinds, the analyst tells investors in a research note. Longer term, RBC believes SBA will outperform as it sees 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.
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