SBA Communications (NASDAQ:SBAC) Issues FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $13.06-13.43 for the period, compared to the consensus EPS 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.

SBA Communications Trading Up 1.4 %

Shares of NASDAQ:SBAC traded up $3.11 during midday trading on Monday, reaching $217.82. 1,978,929 shares of the company were exchanged, compared to its average volume of 948,492. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The business’s fifty day moving average is $197.54 and its two-hundred day moving average is $207.06. The stock has a market cap of $23.40 billion, a PE ratio of 42.31, a price-to-earnings-growth ratio of 0.69 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The business had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same quarter last year, the business earned $3.13 earnings per share. SBA Communications’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that SBA Communications will post 12.51 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on SBAC. KeyCorp lowered their price objective on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday, April 30th. Barclays reduced their target price on shares of SBA Communications from $241.00 to $240.00 and set an overweight rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company downgraded shares of SBA Communications from an overweight rating to an equal weight rating and reduced their target price for the company from $230.00 to $220.00 in a research note on Monday, July 15th. Royal Bank of Canada reduced their price target on shares of SBA Communications from $250.00 to $235.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. Finally, Citigroup reduced their price target on shares of SBA Communications from $290.00 to $260.00 and set a buy rating on the stock in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, SBA Communications currently has an average rating of Moderate Buy and an average target price of $248.31.

About SBA Communications

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.