National Bank Financial Downgrades Cogeco Communications (TSE:CCA) to Sector Perform

Key Points

• National Bank Financial downgraded Cogeco Communications from outperform to sector perform and cut its price target to C$70 from C$75.
• Despite the downgrade, the new target still implies about 11.96% upside from the stock’s current price, and the broader analyst consensus remains Moderate Buy with an average target of C$73.22.
• Cogeco Communications shares fell to C$62.52, near their 52-week low, after the company recently reported quarterly earnings of C$2.35 per share on revenue of C$696.68 million.

Cogeco Communications (TSE:CCA - Get Free Report) was downgraded by research analysts at National Bank Financial from an "outperform" rating to a "sector perform" rating in a research report issued on Friday,BayStreet.CA reports. They presently have a C$70.00 price target on the stock, down from their previous price target of C$75.00. National Bank Financial's price target suggests a potential upside of 11.96% from the company's current price.

Several other equities analysts also recently weighed in on the stock. TD raised shares of Cogeco Communications from a "hold" rating to a "buy" rating and lowered their price target for the company from C$85.00 to C$83.00 in a report on Monday, April 13th. Desjardins set a C$68.00 price objective on shares of Cogeco Communications and gave the stock a "hold" rating in a research note on Wednesday. Canaccord Genuity Group decreased their price objective on shares of Cogeco Communications from C$74.00 to C$70.00 and set a "buy" rating on the stock in a research report on Monday, April 13th. TD Securities upgraded shares of Cogeco Communications from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 13th. Finally, Royal Bank Of Canada dropped their target price on shares of Cogeco Communications from C$74.00 to C$70.00 and set a "sector perform" rating for the company in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Cogeco Communications currently has a consensus rating of "Moderate Buy" and an average price target of C$73.22.

Cogeco Communications Stock Performance

Shares of TSE CCA traded down C$0.18 during trading on Friday, hitting C$62.52. The company had a trading volume of 95,582 shares, compared to its average volume of 183,681. The stock has a 50 day simple moving average of C$64.37 and a 200 day simple moving average of C$67.03. The company has a debt-to-equity ratio of 141.57, a quick ratio of 0.49 and a current ratio of 0.47. Cogeco Communications has a 12 month low of C$60.89 and a 12 month high of C$77.40. The firm has a market capitalization of C$2.63 billion, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 4.77 and a beta of 0.93.

Cogeco Communications (TSE:CCA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported C$2.35 earnings per share for the quarter. The firm had revenue of C$696.68 million for the quarter. Cogeco Communications had a return on equity of 9.93% and a net margin of 11.13%. As a group, analysts anticipate 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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