Wall Street Analysts Remain Moderately Bullish on SBA Communications Stock

Despite underperforming the broader market, analysts see potential upside for the wireless infrastructure REIT.

Published on Feb. 24, 2026

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SBA Communications, a real estate investment trust that owns and operates wireless communications infrastructure, has underperformed the broader market over the past year. However, Wall Street analysts remain moderately optimistic about the stock's outlook, with a consensus 'Moderate Buy' rating and a mean price target suggesting 15.2% potential upside.

Why it matters

SBA Communications' underperformance is largely due to moderating tower-leasing demand after the initial 5G build-out cycle, elevated interest rates, and other headwinds. The company's REIT structure and relatively high leverage have also made it more sensitive to these market conditions. Analysts' continued optimism suggests they believe the company can navigate these challenges and deliver future growth.

The details

SBA Communications, valued at a $21.6 billion market cap, generates recurring revenue by renting antenna space on its towers and related sites to carriers such as AT&T, Verizon, and T-Mobile. Over the past 52 weeks, the stock has declined 4.3%, underperforming the broader S&P 500 Index's 12.3% gain. Analysts expect the company's FFO to decline 8.8% year-over-year in fiscal year 2025, but its FFO surprise history is promising, with the company exceeding consensus estimates in each of the last four quarters.

  • SBA Communications' fiscal year 2025 ended in December.
  • On Jan. 20, 2026, UBS analyst Batya Levi reiterated a 'Buy' rating on the stock but cut the price target to $260 from $275.

The players

SBA Communications Corporation

A real estate investment trust (REIT) that owns and operates wireless communications infrastructure, primarily cell towers, leased to mobile network operators.

Batya Levi

A UBS analyst who covers SBA Communications.

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The takeaway

Despite SBA Communications' recent underperformance, Wall Street analysts remain cautiously optimistic about the company's long-term prospects, with a consensus 'Moderate Buy' rating and a mean price target suggesting potential upside. The company's REIT structure and high leverage have made it more sensitive to market conditions, but analysts believe it can navigate these challenges and deliver future growth.