SBA Communications

SBAC · NASDAQ

$180.97−$2.12 (−1.16%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $183.09

SBAC analyst rating

BuyConsensus of 14 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy8
Hold6
Underperform0
Sell0

12-month price target · 22 analysts

Average $231.03 (+27.7% upside)

Low: $168.67
Now: $180.97
High: $294.00

Upgrades and downgrades

The latest rating actions, newest first

SBAC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Bernstein	Oct 20, 2026	Maintains	Market Perform	$219.00 → $208.00	50%
Barclays	Sep 30, 2026	Maintains	Overweight	$208.00 → $207.00	32%
Morgan Stanley	Sep 21, 2026	Maintains	Equal-Weight	$215.00 → $205.00	62%
Barclays	Aug 20, 2026	Maintains	Overweight	$245.00 → $208.00	32%
Truist Securities	Aug 5, 2026	Maintains	Buy	$248.00 → $238.00	58%
JP Morgan	Aug 4, 2026	Maintains	Neutral	$230.00 → $220.00	50%
Morgan Stanley	Aug 4, 2026	Maintains	Equal-Weight	$225.00 → $215.00	62%
Wells Fargo	Jul 17, 2026	Upgrade	Equal-Weight → Overweight	$220.00 → $210.00	43%
RBC Capital	Jul 10, 2026	Maintains	Outperform	$245.00 → $210.00	39%
Goldman Sachs	Jun 26, 2026	Initiates	Neutral	$205.00	68%

The case for and against

Updated Oct 17, 2026

Bull case

SBA Communications is viewed positively because its 1Q26 results showed AFFO/share above consensus at $3.03, adjusted EBITDA of $475.4M, and a modest backlog increase, suggesting leasing activity is stabilizing even as churn from Sprint, DISH, and Oi Brazil rolls off. The company’s 46,000-tower portfolio, with more than 17,000 U.S. towers generating about 70% of leasing revenue, is supported by concentrated but durable carrier relationships, while early signs of 5G densification, higher-capacity radios, and broader spectrum deployments could reaccelerate growth. With 2026E AFFO/share seen as the trough at $12.07 to $12.16 and growth expected to turn positive in 2027E, easing refinancing headwinds and leverage near the middle of its 6x-7x target range strengthen the fundamental outlook.

Bear case

SBA Communications is exposed to a weak fundamental setup because its leasing revenues depend heavily on a concentrated group of top mobile carriers, leaving demand vulnerable if customer network spending slows or macro conditions soften. The company’s roughly 46,000 towers across North America, South America, and Africa, including more than 17,000 in the US that generate about 70% of leasing revenue, create geographic concentration, while Brazil and Guatemala add further reliance on a few international markets. In addition, higher interest rates, F/X volatility, and satellite-related risks could pressure REIT valuation, increase financing sensitivity, and weigh on investor sentiment.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.