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

Key Points

• Scotia cut Cogeco Communications’ price target from C$64.50 to C$63.00 while maintaining a “sector perform” rating, implying 18.38% upside from the previous close.
• Analyst sentiment remains cautious: Cogeco has a consensus “Hold” rating and an average price target of C$65.55, with several firms recently lowering their targets.
• Shares fell 0.1% to C$53.22, well below their 200-day moving average of C$63.41. The company recently reported C$2.05 in quarterly earnings per share and C$695.49 million in revenue.

Cogeco Communications (TSE:CCA - Get Free Report) had its price objective dropped by equities researchers at Scotia from C$64.50 to C$63.00 in a report released on Friday, BayStreet reports. The firm presently has a "sector perform" rating on the stock. Scotia's target price would indicate a potential upside of 18.38% from the company's previous close.

Several other equities research analysts also recently issued reports on CCA. Desjardins dropped 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. Scotiabank decreased their price target on shares of 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 dropped their price target on shares of Cogeco Communications from C$65.00 to C$60.00 and set a "market perform" rating for the company in a research note on Friday. Canadian Imperial Bank of Commerce cut their price target on shares of Cogeco Communications from C$71.00 to C$65.00 and set a "neutral" rating on the stock in a report on Thursday, October 8th. Finally, Royal Bank Of Canada reduced their price objective 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. One equities 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of C$65.55.

Cogeco Communications Stock Down 0.1%

Shares of CCA traded down C$0.06 during mid-day trading on Friday, reaching C$53.22. 184,814 shares of the stock traded hands, compared to its average volume of 186,616. The firm has a market cap of C$2.24 billion, a price-to-earnings ratio of -2.01, a P/E/G ratio of 4.77 and a beta of 1.08. The stock has a fifty day simple moving average of C$55.54 and a 200 day simple moving average of C$63.41. Cogeco Communications has a 12-month low of C$48.18 and a 12-month high of C$77.40. The company has a quick ratio of 0.49, a current ratio of 0.47 and a debt-to-equity ratio of 241.79.

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