Shares of U.S. and Latin American wireless tower owner SBA Communications Corp. (NASDAQ:SBAC) fell on concerns that the upcoming Trump-appointed FCC and Justice Department will encourage consolidation among SBA’s U.S. customer base. We believe this risk is likely misunderstood, as U.S. carriers have strengthened over the past few years, making carrier consolidation a less attractive alternative. Further, we believe that SBA will continue to benefit from significant equipment additions and share repurchases, in the event that additional acquisition opportunities do not present themselves.
From Barron Asset Fund fourth quarter 2016 commentary.
