2Q26: Steady Quarter with Line of Sight on Growth Tailwinds — Remain EW

研报英文原文证据摘录

2Q26: Steady Quarter with Line of Sight on Growth Tailwinds — Remain EW

Update

August 4, 2026 03:59 AM GMT

Morgan Stanley & Co. LLCMSBA Communications | North America Cameron McVeigh, CFA

Equity Analyst

2Q26: Steady Quarter with Line Cameron.McVeigh@morganstanley.comGaro K Amerkanian +1 212 761-4209

Research Associate

Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

of Sight on Growth Tailwinds – Patrick A Ho

Patrick.Ho@morganstanley.com +1 212 761-2764

Remain EW Sean Diffley, CFA

What’s Changed Sean.DIFFLEY@morganstanley.com +1 212 761-5868

SBA Communications (SBAC.O) From To SBA Communications (SBAC.O, SBAC US)

Price Target $225.00 $215.00

Communications Infrastructure | United States of America

Stock Rating Equal-weight

Industry View In-Line AlphaSignals Earnings Reaction

Price target $215.00

Unchanged In-line Largely unchanged Shr price, close (Aug 3, 2026) $179.54

Impact to our thesis Financial results versus consensus Direction of next 12-month Mkt cap, curr (mm) $19,183

consensus EPS 52-Week Range $234.64-162.41

Source: Company data, Morgan Stanley Research

Results largely in line, with '26 guide modestly raised on positive

straight-line impact. Discretionary capex guide increased on

accelerating int'l tower construction; buyback resumption in 2H.

Upcoming spectrum auction and mobile edge computing

potential upside levers. Remain EW.

Key Takeaways

Guidance for '26 raised largely on positive FX and straight-line impacts. We

expect domestic organic leasing to grow 3.8% when excluding Sprint and DISH

churn.

SBA expects buybacks to resume in 2H26, and we expect $400mn in '26 on a

$1.1bn remaining buyback authorization.

Tower tailwinds including upcoming spectrum auctions, the renting of base

station space for AI inference / edge computing and FWA growth.