Scotiabank Raises SBA Communications (SBAC) Price Target to $230

SBA Communications Corp. (NASDAQ:SBAC) is one of the Best Digital Infrastructure REITs to Buy According to Analysts. On May 1, Scotiabank analyst Maher Yaghi increased the company’s target price on SBA Communications to $230 from $223 while keeping a sector perform rating on the shares, according to a report by TheFly.

The analyst noted that SBA Communications’ top and bottom-line results for the first quarter were in line with consensus expectations, adding that the price target increase reflects the company’s higher guidance revisions for this year.

On April 29, the company reported a 5.9% rise in total revenues to $703 million in the first quarter of the year. The bulk of the figure comes from site leasing revenue, which totaled $656 million, a 6.5% increase from the same period last year.

The company reported that it acquired 10 communication sites in the first quarter of the year, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. Additionally, the company built 80 towers during the period.

Subsequent to quarter end, SBA Communications has purchased or is under contract to purchase 56 communication sites for an aggregate consideration of $36.9 million in cash, which it expects to close by the end of the third quarter of 2026.

SBA Communications President and Chief Executive Officer Brendan Cavanagh said the company had a solid start to the year with its positive first-quarter results. In a press release, he said:

“Carrier activity remained steady globally, as our customers continued to focus on expanding and densifying their networks, as well as upgrading sites with new spectrum bands and technologies. In addition, our domestic leasing backlogs increased during the quarter. These favorable results and positive movement in foreign exchange rates have allowed us to increase our full year outlook for each of our key financial metrics from the levels we provided in late February. During the quarter, we also continued to invest in expanding our portfolio through new tower builds across our markets, with increasing production particularly under our Central America build to suit agreement with Millicom International. We anticipate seeing this production grow steadily throughout 2026.”

Based on 23 analyst ratings compiled by CNN, 52% of analysts rated SBA Communications Buy, with an average price target of $230, representing a 5.22% upside from the current price of $218.58.

SBA Communications Corp. (NASDAQ:SBAC) is a leading independent owner and operator of wireless communications infrastructure, including towers, buildings, rooftops, distributed antenna systems (DAS), and small cells. As of March 31, 2026, SBA owned or operated 46,358 communication sites, 17,378 of which are located in the United States and its territories and 28,980 of which are located internationally.