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New highs for SBA as targets rise; CCI also up

Jul. 28, 2014 4:02 PM ETSBA Communications Corporation (SBAC) StockCCI, SBACBy: Eric Jhonsa, SA News Editor
  • 6 firms have hiked their SBA (SBAC +3.3%) targets following the tower owner's Thursday Q2 beat. 3 of them - Barclays, Pac Crest, and JPMorgan - have lifted their PTs to $125.
  • In addition to beating estimates, SBA raised its full-year AFFO guidance to $642M-$669M from a prior $616M-$652M. Revenue guidance has been hiked to $1.5B-$1.52B from $1.447B-$1.487B, and tower cash flow guidance to $1.021B-$1.031B from $989M-$1.009B. The outlook assumes the Oi tower acquisition will close on Dec. 1.
  • Peer Crown Castle (CCI +2.4%) has also rallied. The company missed AFFO estimates last Wednesday (while beating on revenue), but also raised its full-year AFFO/share guidance to $4.13-$4.18 from $4.04-$4.08. Site rental revenue guidance was slightly raised to $2.99B-$3B from $2.983B-$2.993B.

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