Deutsche Bank Reiterates Buy Rating On SBAC

Deutsche Bank is reiterating its Buy rating on shares of SBA Communications Corp. SBAC. “SBAC posted solid 4Q results that were at or above the high end of guidance and upwardly revised its 2011 outlook, primarily to account for growth in its tower portfolio,” Deutsche Bank writes. “During the quarter, SBAC generated 26% YoY growth in FCF/share. This is in-line with our outlook for +20% FCF/share growth in 2011, which is over 2x the rate of its peers. In our view, this is not reflected in SBAC's stock, as it trades in-line with peers (19-20x 2011E FCF) despite a more attractive growth profile.” SBA Communications Corp. closed Friday at $42.37.