Cogeco Communications (TSE:CCA) Given New C$65.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce lowered Cogeco Communications’ price target to C$65 from C$71 while maintaining a neutral rating, implying 23.5% upside from the current price.
• Analyst sentiment remains cautiously positive: the stock has an average “Moderate Buy” rating and a consensus price target of C$72, despite recent target reductions from several firms.
• Shares traded at C$52.63, near the lower end of their 12-month range, while the company reported C$2.35 in quarterly EPS and C$696.68 million in revenue but posted negative net margin and return on equity.

Cogeco Communications (TSE:CCA - Get Free Report) had its price target cut by Canadian Imperial Bank of Commerce from C$71.00 to C$65.00 in a research note issued to investors on Thursday, BayStreet reports. The firm currently has a "neutral" rating on the stock. Canadian Imperial Bank of Commerce's price objective indicates a potential upside of 23.50% from the stock's current price.

CCA has been the subject of several other research reports. Desjardins cut their price objective on Cogeco Communications from C$68.00 to C$64.00 and set a "hold" rating for the company in a report on Wednesday. National Bank Financial lowered their target price on Cogeco Communications from C$70.00 to C$69.00 and set a "sector perform" rating on the stock in a report on Monday, August 31st. Finally, Royal Bank Of Canada dropped their target price on Cogeco Communications from C$74.00 to C$70.00 and set a "sector perform" rating on the stock in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of C$72.00.

Cogeco Communications Stock Performance

Cogeco Communications stock traded up C$0.13 during midday trading on Thursday, reaching C$52.63. 219,767 shares of the company traded hands, compared to its average volume of 180,344. Cogeco Communications has a 12 month low of C$50.96 and a 12 month high of C$77.40. The company has a debt-to-equity ratio of 241.79, a current ratio of 0.47 and a quick ratio of 0.49. The business has a 50 day moving average of C$58.19 and a two-hundred day moving average of C$62.54. The firm has a market capitalization of C$2.21 billion, a price-to-earnings ratio of -1.99, a price-to-earnings-growth ratio of 4.77 and a beta of 1.08.

Cogeco Communications (TSE:CCA - Get Free Report) last posted its earnings results on Wednesday, July 15th. The company reported C$2.35 EPS for the quarter. The business had revenue of C$696.68 million during the quarter. Cogeco Communications had a negative net margin of 39.56% and a negative return on equity of 38.76%. As a group, research analysts predict that Cogeco Communications will post 8.4900498 earnings per share for the current year.

Cogeco Communications Company Profile

Cogeco Communications Inc is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future.

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