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Citi upgrades SBAC, downgrades AMT in tower update

  • SBA Communications (NASDAQ:SBAC) is up 1.4% and American Tower (NYSE:AMT) flat in early action after Citi rearranges its take on the communications towers issues.
  • Analyst Michael Rollins now likes SBA, boosting it to a Buy rating while cutting AMT to Neutral. He's staying Neutral on Crown Castle (CCI, down 0.1% premarket).
  • SBA can benefit from improving domestic fundamentals and it retains "positive strategic optionality" if there was a correction to valuations, as it's the smallest of the three public tower firms. Meanwhile his base case shows limited upside for AMT in a rising-rate environment. (h/t Bloomberg)
  • He's boosted his price target on SBAC to $187 from $175 (15% upside), and updated AMT to $176 from $161 (9.4% upside). He's keeping his target on CCI at $110, vs. current price of $109.52.

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