As previously reported, BofA Merrill Lynch analyst David Barden downgraded SBA Communications to Neutral from Buy, which is "solely" a function of valuation with the stock trading at what he identifies as "record" levels. He thinks the valuation is temporarily elevated by speculation about a new fourth wireless company, such as an Amazon (AMZN) or Google (GOOG), entering the U.S. mobile space, though he sees multiple reasons why the odds of this happening are low, Barden tells investors. However, he continues to like SBA's strategy, management team, and outlook and raised his price target on the shares to $245 from $211.

Barclays analyst Brendan Lynch lowered the firm's price target on SBA Communications to $255 from $260 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the communications infrastructure group.