SBAC Earnings Preview

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Ahead of SBA Communications (SBAC) Q1/12 report Canaccord Genuity telecommunications analyst Greg Miller reiterated his BUY rating and $56 price target on the company. Mr. Miller said:

“With AT&T/Verizon LTE rollout at full speed, rapid ramp-up from Sprint’s Network Vision and resumption of network upgrades at T-Mobile USA, we believe first quarter results at SBAC will likely be solid. We expect its Q1/12 results at the high end of its previously issued guidance.”

He added, “Despite earlier fear of the revenue split model associated with the Mobilitie assets recently acquired, we believe the acquisition, at less than 15.0x tower cash flow, enables the company to own a sizable portfolio of attractive assets that will improve shareholder value.”

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