Zegona Communications (LON:ZEG) Price Target Raised to GBX 2,150 at Canaccord Genuity Group

Zegona Communications (LON:ZEG) had its price target raised by equities research analysts at Canaccord Genuity Group from GBX 1,500 to GBX 2,150 in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 45.27% from the stock’s current price.

Separately, Berenberg Bank reiterated a “buy” rating and issued a GBX 1,350 price objective on shares of Zegona Communications in a research note on Tuesday, November 25th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of GBX 1,683.33.

Zegona Communications Trading Up 10.4%

LON:ZEG traded up GBX 139.14 on Monday, reaching GBX 1,480. 2,925,582 shares of the stock traded hands, compared to its average volume of 2,462,225. Zegona Communications has a 1-year low of GBX 390 and a 1-year high of GBX 1,495. The company’s 50 day moving average is GBX 1,326.84 and its 200-day moving average is GBX 1,156.39. The firm has a market capitalization of £11.22 billion, a price-to-earnings ratio of 134.55 and a beta of 2.80.

Zegona Communications announced that its Board of Directors has approved a stock repurchase program on Friday, December 12th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

About Zegona Communications

Zegona is a British company investing strategically across the Europe with the objective of acquiring businesses in the European TMT sector, using a “Buy-Fix-Sell” strategy to deliver attractive shareholder returns.

The first acquisition made by Zegona was of Asturian telecommunications operator Telecable in 2015. Telecable was later sold to Euskaltel in 2017, at which point Zegona acquired a 15% ownership of Euskaltel.

Zegona has subsequently increased its disclosable interest in Euskaltel to over 20%, becoming the largest shareholder in the company.