Raymond James Downgrades CyrusOne (CONE) to Outperform
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Raymond James analyst Frank Louthan downgraded CyrusOne (NASDAQ: CONE) from Strong Buy to Outperform with a price target of $62.00 (from $77.00).
The analyst commented, "We are lowering our rating on shares of CyrusOne to Outperform from Strong Buy. While it was already seeing a slide from recent highs based on its own internal issues and lower guidance (the stock is down 12.9% since 2/19/2020), we see further risk. We believe the non-REIT investors base will result in more volatility as investors avoid levered names and the internal issues with the management changes and improving execution work their way out. CyrusOne has 5.3x leverage, above the REITs and data centers at 4.8x."
Shares of CyrusOne closed at $57.45 yesterday.
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