SBA Communications Corp Class A

SBAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$235.00	Jdrwsl	Zqblbmgw

SBA Earnings: U.S. Strength Drives Solid Start To 2023 and Higher Full-Year Outlook

Matthew Dolgin

May 2, 2023

SBA’s first quarter showed no indication of the slowdown in U.S. tower leasing that we’ve been expecting for 2023, although we still expect growth to slow throughout the year. Still, SBA raised its full-year outlook and cited specific reasons it believes an extended runway of strong U.S. leasing growth remains. We’re raising our fair value estimate to $260 from $255, but see the stock as fairly valued.

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