BMO Capital Downgrades CyrusOne (CONE) to Market Perform

BMO Capital analyst Ari Klein downgraded CyrusOne (NASDAQ: CONE) from Outperform to Market Perform with a price target of $67.00 (from $73.00).

The analyst comments "We are downgrading CONE to Market Perform from Outperform and lowering our target price to $67 (-$6). 2020 was expected to mark the return of significant U.S. hyperscale leasing, but CONE's cost cuts reflect continued uncertainty around timing and portend downside to the 2020 outlook. With CONE's shares trading at 16.9x 2020E AFFO versus 20.5x for the group (ex CONE), a fair amount of negativity is already priced in, though there are few near-term catalysts and we would wait for better visibility around a leasing recovery to get more constructive."

For an analyst ratings summary and ratings history on CyrusOne click here. For more ratings news on CyrusOne click here.

Shares of CyrusOne closed at $62.66 yesterday.

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