Cogeco Communications (TSE:CCA) Stock Gets Price Target Trim from Canaccord Genuity Group

Key Points

• Canaccord Genuity cut Cogeco Communications’ price target from C$68 to C$61 while maintaining a “buy” rating, implying 14.62% upside from the reported C$53.22 share price.
• Other analysts also reduced their targets, contributing to a consensus “hold” rating and average price target of C$65.55.
• Cogeco reported quarterly EPS of C$2.05 on revenue of C$695.49 million; shares remain well below their 12-month high of C$77.40.

Cogeco Communications (TSE:CCA - Get Free Report) had its target price reduced by equities research analysts at Canaccord Genuity Group from C$68.00 to C$61.00 in a research note issued on Friday, BayStreet reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 14.62% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. Scotiabank decreased their price target on shares of Cogeco Communications from C$68.00 to C$64.50 and set a "sector perform" rating on the stock in a report on Tuesday, October 20th. Royal Bank Of Canada decreased their target price on shares of Cogeco Communications from C$74.00 to C$70.00 and set a "sector perform" rating on the stock in a research note on Friday, July 10th. National Bank Financial lowered their price target on shares of Cogeco Communications from C$70.00 to C$69.00 and set a "sector perform" rating for the company in a report on Monday, August 31st. Canadian Imperial Bank of Commerce dropped their price target on Cogeco Communications from C$71.00 to C$65.00 and set a "neutral" rating for the company in a research note on Thursday, October 8th. Finally, Desjardins cut their price objective on Cogeco Communications from C$68.00 to C$64.00 and set a "hold" rating on the stock in a report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of C$65.55.

Cogeco Communications Price Performance

Cogeco Communications stock traded down C$0.06 during trading hours on Friday, reaching C$53.22. 184,814 shares of the stock were exchanged, compared to its average volume of 186,616. The stock has a 50 day moving average of C$55.54 and a two-hundred day moving average of C$63.41. The company has a market cap of C$2.24 billion, a P/E ratio of -2.01, a price-to-earnings-growth ratio of 4.77 and a beta of 1.08. The company has a current ratio of 0.47, a quick ratio of 0.49 and a debt-to-equity ratio of 241.79. Cogeco Communications has a twelve month low of C$48.18 and a twelve month high of C$77.40.

Cogeco Communications (TSE:CCA - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported C$2.05 earnings per share (EPS) for the quarter. The firm had revenue of C$695.49 million for the quarter. Cogeco Communications had a negative return on equity of 38.76% and a negative net margin of 39.56%. Equities analysts expect that Cogeco Communications will post 8.49 EPS for the current fiscal year.

About Cogeco Communications

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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