Piper Jaffray Maintains Neutral on SBA Communications (SBAC)

Piper Jaffray is out with its report today on SBA Communications SBAC, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We are maintaining our Neutral rating and $44 price target. Our price target is based on a four-year DCF analysis with a near-term WACC of 8.6%, terminal WACC of 7.4% and terminal growth rate of 3.5%. It implies a 2012E recurring FCF yield of 6.3%." At the time of posting, shares of SBAC were trading at $38.36, up 1.02% from Monday's close.