SBA Earnings: Management’s Response To Changing Economic Conditions Benefits Investors

SBA experienced a similar second quarter as its peers, with the company posting solid U.S. results while seeing a reduction in carrier activity that will likely cause a slowdown in the coming quarters. Still, the company raised its full-year financial guidance on the top- and bottom lines, and we have become more comfortable with the stock considering the measured approach management is now taking with debt management and a recently signed long-term master lease agreement with AT&T. We’re maintaining our $260 fair value estimate and believe the stock is undervalued.