SBA Communications (SBAC)

• Market cap: $26.3B
• 1 day: 2.05%
• 5 days: 7.34%
• 1 month: 10.63%
• 3 months: 22.23%
• 6 months: 4.97%
• Year to date: 21.46%
• 1 year: 30.78%
• 5 years: -16.05%
• 10 years: 110.15%
• Sector: Real Estate
• Industry: Specialty REIT

About: SBA Communications owns and operates almost 40,000 cell towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. It owns more than 17,000 towers in the US, which accounted for about 70% of the company's total revenue in 2023. Internationally, SBA's greatest presence is in Brazil, where it operates roughly 10,000 towers. SBA operates as a real estate investment trust.

Employees: 1,720

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

76% more call options, than puts

Call options by funds: $41M | Put options by funds: $23.3M

3.26% more ownership

Funds ownership: 95.08% [Q3] → 98.34% (+3.26%) [Q4]

7% more repeat investments, than reductions

Existing positions increased: 255 | Existing positions reduced: 239

5% less first-time investments, than exits

New positions opened: 88 | Existing positions closed: 93

2% less funds holding

Funds holding: 668 [Q3] → 652 (-16) [Q4]

12% less capital invested

Capital invested by funds: $24.6B [Q3] → $21.5B (-$3.04B) [Q4]

33% less funds holding in top 10

Funds holding in top 10: 9 [Q3] → 6 (-3) [Q4]

Research analyst outlook

9 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $225 8% downside
• Avg. target: $251 3% upside
• High target: $270 11% upside

9 analyst ratings

• positive: 6 67%
• neutral: 3 33%
• negative: 0 0%

JMP Securities Greg Miller 36% 1-year accuracy 10 / 28 met price target	11% upside $270	Market Outperform Maintained	29 Apr 2025
Citigroup Michael Rollins 68% 1-year accuracy 19 / 28 met price target	9% upside $265	Buy Maintained	29 Apr 2025
BMO Capital Ari Klein 33% 1-year accuracy 4 / 12 met price target	1% downside $240	Market Perform Maintained	29 Apr 2025
Raymond James Ric Prentiss 50% 1-year accuracy 7 / 14 met price target	10% upside $268	Strong Buy Reiterated	29 Apr 2025
Barclays Tim Long 56% 1-year accuracy 33 / 59 met price target	1% upside $247	Overweight Maintained	29 Apr 2025