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Research Alert: Sba Communications Q1: Millicom Integration Drives Growth & Margin Headwinds
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:SBAC reported Q1 revenue of $703M (+5.9% Y/Y), beating consensus estimates by $9M, compared to $664M in Q1 2025. Site leasing revenue rose 6.5% Y/Y to $656M (+4.5% excluding foreign exchange impacts), while site development revenue declined 1.6% to $47M in the quarter. International site leasing revenue surged 32.6% Y/Y (+24.8% ex-FX) to $206M, primarily due to successful Millicom asset integration and expanding Central America build-to-suit tower development activities. Excluding total churn impact, organic leasing revenue growth reached a robust 8.3% Y/Y, with Sprint-related churn at 1.3% and regular churn at 2.7% of revenues. The strong international performance reflects successful integration of recently acquired assets and continued strategic expansion in Central America markets. Overall operational metrics demonstrate solid underlying growth momentum despite ongoing domestic churn headwinds, with international operations providing significant growth acceleration.
$SBAC
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Research Alert: Ebay: Strong Start To The Year, But Is This Growth Sustainable?
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:eBay delivered strong Q1 2026 results, with revenue of $3,089M (+19.5%) beating consensus by $54M and adjusted EPS of $1.66 (+21%) exceeding estimates by $0.08. GMV reached $22.2B (+18%, +14% FX-neutral), an acceleration from Q4's 8% FX-neutral growth. This was led by robust U.S. performance (+27%) and improved international trends (+10%). Growth was supported by heightened bullion demand, strong collectibles performance, and robust advertising revenue of $581M, with first-party ads growing 33%. Management provided above-consensus Q2 GMV guidance of $21.3B-$21.7B and full-year growth of 7.0-7.5% FX-neutral, though this implies a notable deceleration as the year progresses. The pending $1.2B Depop acquisition from Etsy, which is expected to close by the end of Q3 2026, represents a strategic move to expand eBay's reach with younger, fashion-forward consumers. We expect GMV growth to slow as bullion demand normalizes, though focus categories and Depop integration should provide ongoing momentum.
$EBAY
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Research Alert: Cmg: Transaction Growth Returns; Margins Under Pressure
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CMG posted Q1 EPS of $0.24, down 17% but in line with consensus, while revenue of $3.09B (+7.4%) beat the $3.06B consensus. Comparable sales growth of +0.5% beat an expected decline of 0.8%, led by +0.6% in transactions. In our view, maintaining steady transaction growth is more important than enduring near-term margin pressure, as this suggests CMG remains a relevant option for consumers despite tariff impacts. Management left its guidance unchanged, expecting flat comparable store sales growth in 2026 and projecting 350-370 new store openings. Restaurant-level margins contracted 250 bps on higher labor expenses (+10.5%) and food costs (+8.6%), reflecting the trade-off of limiting pricing to drive traffic. Digital mix improved to 38.6% and CMG opened 49 new stores. The company repurchased $700.8M of stock while generating healthy FCF of $471M (+14%). We believe CMG is being conservative given macro volatility. With loyalty initiatives in the pipeline, we think sequential transaction improvement is possible.
$CMG