10:10 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our target price by $2 to $230, on a forward EV/EBITDA of 19.5x our 2024 EBITDA estimate, a discount to SBAC's 10-year average multiple (23.5x) given slower growth projections as customer capex remains muted given the higher interest rate environment. We trim our 2024 AFFO estimate by $0.07 to $13.34 and lower 2025's by $0.43 to $13.44. SBAC reported Q1 2024 AFFO of $3.29 vs. $3.12, in line with consensus. Revenues dropped 3% Y/Y as same-tower organic leasing revenue growth remained healthy but slowed to 2.5% Y/Y (6.3% excluding churn) vs. 4.7% Y/Y (8.9%) in Q1 2023. Leasing remained stronger internationally, where growth was 3.3% Y/Y (8.1%) compared to 2.3% Y/Y (5.9%) domestically. SBAC continues to focus on lowering its leverage profile given elevated interest rates, with net leverage of 6.5x vs. 6.9x Y/Y and variable rate debt at 4% of total debt. We believe valuation is attractive, with shares trading at 17.9x our 2024 EV/EBITDA estimate, a 23% discount to their 10-year average multiple.