Cogeco Communications Inc (CCA) Downgraded by Desjardins
Cogeco Communications Inc (TSE:CCA) was downgraded by equities researchers at Desjardins from a “buy” rating to a “hold” rating in a research note issued on Tuesday, July 11th. They currently have a C$87.50 target price on the stock, up from their prior target price of C$79.00. Desjardins’ price target would indicate a potential downside of 2.78% from the stock’s previous close. Desjardins also issued estimates for Cogeco Communications’ FY2018 earnings at $5.94 EPS and FY2019 earnings at $6.20 EPS.
CCA has been the subject of a number of other reports. TD Securities raised their price target on Cogeco Communications from C$78.00 to C$80.00 and gave the stock a “hold” rating in a research report on Monday, April 10th. Royal Bank Of Canada raised their price target on Cogeco Communications from C$76.00 to C$81.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 11th. Scotiabank reiterated an “outperform” rating and issued a C$78.00 target price on shares of Cogeco Communications in a research note on Tuesday, July 4th. BMO Capital Markets reiterated a “market perform” rating and issued a C$82.00 target price on shares of Cogeco Communications in a research note on Tuesday, July 11th. Finally, Barclays PLC lowered Cogeco Communications from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from C$70.00 to C$75.00 in a research note on Tuesday, April 11th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Cogeco Communications currently has an average rating of “Hold” and an average target price of C$82.50.
Shares of Cogeco Communications (TSE:CCA) traded up 2.56% on Tuesday, hitting $90.00. 136,369 shares of the company traded hands. Cogeco Communications has a 1-year low of $60.62 and a 1-year high of $90.06. The stock has a market capitalization of $4.43 billion and a price-to-earnings ratio of 14.72. The firm’s 50 day moving average price is $83.04 and its 200-day moving average price is $76.63.
In other news, insider René Guimond sold 900 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of C$87.44, for a total transaction of C$78,696.00. Also, insider Elizabeth Alves sold 996 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of C$87.05, for a total value of C$86,701.80. In the last 90 days, insiders have sold 1,996 shares of company stock worth $173,884.
About Cogeco Communications
Cogeco Communications Inc, formerly Cogeco Cable Inc, is a Canada-based communications company. The Company provides residential and business customers with video, Internet and telephony services through its two-way broadband fiber networks. The Company operates through three segments: Canadian broadband services, American broadband services and Business information and communications technology (Business ICT) services.
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