CARY, N.C.-SpectraSite Communications Inc. announced it has completed the sale of its broadcast services division to Doty, Moore & Hoenninger L.L.C., an investment vehicle owned by members of the broadcast group’s existing management team.
“The sale of our broadcast services division represents the final step in a multi-step process whereby SpectraSite has successfully transformed itself into a pure play, recurring revenue-based company focused entirely on revenues derived from site leasing and licensing,” said Stephen Clark, SpectraSite’s president and chief executive.
The company discontinued the division in late December.
Last week Raymond James & Associates Inc. increased SpectraSite’s 12-month price target from $43 per share to $46 per share. The stock is currently trading at $37.76 per share.
Raymond James also raised Crown Castle International Corp.’s price target from $16.50 per share to $18 per share, and increased American Tower Corp.’s from $15 per share to $16.50 per share. the companies are currently trading at $11.22 per share and $12.13 per share, respectively.
Separately, SBA Communications Corp. announced it has redeemed the remaining $46.3 million of its 12 percent senior discount notes due 2008 for $49.8 million cash. SBA was trading at $4.42 per share following the financial news.
