Raymond James raised the firm’s price target on SBA Communications (SBAC) to $300 from $285 and keeps a Strong Buy rating on the shares. SBA’s Q3 results included a slight increase of 2024 guidance, an improved tone on U.S. carrier activity, and the announced acquisition of more than 7,000 towers from Millicom (TIGO) for roughly $975M, the analyst tells investors in a research note. The firm continues to see an attractive risk-reward in all three tower stocks, with non-cyclical, cash-yielding businesses that feature long-term secular growth, and thinks that stabilizing and potentially declining interest rate environment should benefit multiples.
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