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Bear Stearns Upgrades SBA Communications


Bear Stearns upgrades SBA Communications (SBAC) and Crown Castle (CCI) to outperform from peer perform.

Analyst Jim Ballan says, along with upgrading SBA Communications and Crown Castle, he's introducing year-end 2006 price targets for tower stocks that he covers. He sees $18 for SBA, $19 for Crown Castle, and $30 for American Tower Corp.

He bases these targets on discounted-cash-flow analyses, forward free cash flow, and EBITDA multiples. He also ups his $73 year-end 2005 target for SpectraSite Inc. to $82. He thinks tower companies could raise guidance when they post second-quarter results.

Ballan believes carriers will report that network capital spending on plan and dispelling concerns over network build-outs that are expected to be backend-loaded in 2005.


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