SBA Communications (NASDAQ:SBAC – Get Free Report) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $13.06-13.43 for the period, compared to the consensus earnings per share estimate of $13.22. The company issued revenue guidance of $2.642-2.672 billion, compared to the consensus revenue estimate of $2.67 billion.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on SBAC. Wells Fargo & Company lowered SBA Communications from an overweight rating to an equal weight rating and decreased their target price for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. Barclays cut their price target on SBA Communications from $241.00 to $240.00 and set an overweight rating on the stock in a report on Thursday, May 30th. KeyCorp cut their price target on SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a report on Tuesday, April 30th. TD Cowen cut their price target on SBA Communications from $266.00 to $253.00 and set a buy rating on the stock in a report on Tuesday, April 30th. Finally, StockNews.com raised SBA Communications from a hold rating to a buy rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $248.31.
Check Out Our Latest Stock Analysis on SBAC
SBA Communications Stock Performance
SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.13 EPS. Analysts forecast that SBA Communications will post 12.51 earnings per share for the current year.
SBA Communications Company Profile
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.
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