Cogeco Communications (TSE:CCA) Downgraded by TD Securities to Hold

Key Points

• TD Securities downgraded Cogeco Communications from a "buy" to a "hold" and cut its price target to C$85 from C$100, which TD says still implies roughly a 21% upside from the stock's prior close.
• Shares plunged 8.7% to C$70.12 on Thursday on above-average volume; the company has a market capitalization of C$2.94 billion, a P/E of 9.59 and a high debt-to-equity ratio of 143.75.
• Analysts' consensus remains Hold with a C$75.28 average target; Cogeco reported C$2.11 EPS and C$707.25 million in revenue for the most recent quarter.

Cogeco Communications (TSE:CCA - Get Free Report) was downgraded by investment analysts at TD Securities from a "buy" rating to a "hold" rating in a research note issued on Thursday,BayStreet.CA reports. They presently have a C$85.00 price objective on the stock, down from their prior price objective of C$100.00. TD Securities' price target points to a potential upside of 21.22% from the stock's previous close.

Several other equities research analysts also recently issued reports on the company. Canadian Imperial Bank of Commerce lifted their price objective on Cogeco Communications from C$68.00 to C$71.00 in a report on Friday, January 16th. Scotiabank raised their price target on shares of Cogeco Communications from C$74.00 to C$74.25 and gave the stock a "sector perform" rating in a research report on Monday, January 12th. Desjardins upgraded shares of Cogeco Communications to a "hold" rating in a research note on Wednesday, January 28th. Finally, National Bank Financial upgraded shares of Cogeco Communications from a "hold" rating to an "outperform" rating and increased their price objective for the company from C$71.00 to C$80.00 in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of C$75.28.

Cogeco Communications Stock Down 8.7%

Shares of CCA stock traded down C$6.67 on Thursday, hitting C$70.12. The stock had a trading volume of 228,088 shares, compared to its average volume of 187,666. The firm has a market capitalization of C$2.94 billion, a price-to-earnings ratio of 9.59, a P/E/G ratio of 4.77 and a beta of 1.01. The stock's 50 day moving average is C$70.66 and its 200-day moving average is C$67.52. The company has a debt-to-equity ratio of 143.75, a quick ratio of 0.49 and a current ratio of 0.40. Cogeco Communications has a 52-week low of C$60.75 and a 52-week high of C$77.40.

Cogeco Communications (TSE:CCA - Get Free Report) last issued its quarterly earnings data on Wednesday, January 14th. The company reported C$2.11 EPS for the quarter. Cogeco Communications had a net margin of 10.79% and a return on equity of 9.79%. The firm had revenue of C$707.25 million for the quarter. As a group, research analysts expect that Cogeco Communications will post 8.4900498 earnings per share for the current year.

About Cogeco Communications

Cogeco Communications Inc is a communication corporation. The company is a cable operator in North America operating in Canada. It provides residential and business customers with internet, video, and telephony services with broadband fibre networks. The reportable segments of the company are Canadian broadband services and American broadband services. In internet services, the company offers internet packages with download speeds of up to 120mbps. In video services, the company provides digital tier services, pay-per-view channels, video on-demand services, and 4k television, and telephony services include using internet protocol to transport digitized voice signals.

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