Valued at $25.3 billion by market cap, SBA Communications Corporation (SBAC) is a prominent real estate investment trust (REIT) specializing in wireless communications infrastructure. Headquartered in Boca Raton, Florida, the company owns and operates nearly 40,000 cell towers across North America, South America, and Africa. 

Shares of SBAC have outperformed the broader market over the past year. SBAC shares have climbed 17.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 11.9%. In 2025, SBAC stock is up 14.7%, compared to the SPX’s 1% rise on a YTD basis. 

Narrowing the focus, SBAC has also surpassed the iShares U.S. Digital Infrastructure and Real Estate ETF (IDGT). The exchange-traded fund has gained about 14.9% over the past year but has had a marginal drop in 2025.

On Apr. 28, SBAC announced its first-quarter earnings, and its shares jumped 6.8% in the next trading session. It reported steady performance with revenue rising 1% year-over-year to $664.2 million, slightly beating estimates. AFFO per share was $3.18, down from $3.29 last year, but smashing the Street’s expectations.

While its site leasing revenue declined slightly from the same quarter last year, site development revenue surged 62.4%. The company acquired 344 new sites, built 67 towers, repurchased $122.9 million in shares, and launched a new $1.5 billion buyback program. A dividend of $1.11 per share was also declared, reflecting continued shareholder returns despite modest operational declines.

For the current fiscal year ending in December 2025, analysts expect SBAC’s FFO to decline 10.6% to $11.95 on a diluted basis. It surpassed the consensus estimate in each of the last four quarters, which is impressive.

Among the 19 analysts covering SBAC stock, the consensus is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, one “Moderate Buy,” and nine “Holds.”

This configuration is less bullish than a month ago, with ten analysts suggesting a “Strong Buy.”

On Apr. 29, SBA Communications received a price target upgrade from Citizens JMP analyst Greg Miller, who raised it from $250 to $270 while maintaining a "Market Outperform" rating. This comes after the company slightly beat expectations in its Q1 2025 results.

The mean price target of $250.47 represents a 7.1% premium to SBAC’s current price levels. The Street-high price target of $280 suggests an ambitious upside potential of 19.8%.