Cogeco Communications (TSE:CCA) Stock Price Target Cut by Desjardins

Key Points

• Desjardins cut Cogeco Communications’ price target to C$53 from C$64 and maintained a “hold” rating, implying roughly 0.4% downside from the reported share price.
• Analyst sentiment remains cautious: Cogeco has a consensus “hold” rating, with seven holds, two buys, and one strong buy; the average price target is C$65.55.
• Shares traded near C$53.22, well below their 52-week high of C$77.40, while the company reported C$2.05 in quarterly EPS and C$695.49 million in revenue.

Cogeco Communications (TSE:CCA - Get Free Report) had its target price cut by stock analysts at Desjardins from C$64.00 to C$53.00 in a note issued to investors on Friday, BayStreet reports. The brokerage presently has a "hold" rating on the stock. Desjardins's price target would indicate a potential downside of 0.41% from the stock's current price.

Several other research firms have also recently weighed in on CCA. TD cut their price target on Cogeco Communications from C$83.00 to C$81.00 and set a "buy" rating for the company in a report on Friday. Scotia decreased their price objective on Cogeco Communications from C$64.50 to C$63.00 and set a "sector perform" rating on the stock in a report on Friday. Scotiabank lowered their target price on Cogeco Communications from C$68.00 to C$64.50 and set a "sector perform" rating for the company in a research report on Tuesday, October 20th. BMO Capital Markets cut their target price on shares of Cogeco Communications from C$65.00 to C$60.00 and set a "market perform" rating for the company in a report on Friday. Finally, Royal Bank Of Canada reduced their price target 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 report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Cogeco Communications currently has a consensus rating of "Hold" and an average price target of C$65.55.

Cogeco Communications Price Performance

Shares of TSE:CCA traded down C$0.06 during midday trading on Friday, reaching C$53.22. 184,814 shares of the company were exchanged, compared to its average volume of 186,616. The company has a current ratio of 0.47, a quick ratio of 0.49 and a debt-to-equity ratio of 241.79. The business's fifty day moving average is C$55.54 and its two-hundred day moving average is C$63.41. Cogeco Communications has a one year low of C$48.18 and a one year high of C$77.40. The stock has a market cap of C$2.24 billion, a PE ratio of -2.01, a price-to-earnings-growth ratio of 4.77 and a beta of 1.08.

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