UPDATE: Raymond James Downgrades CyrusOne (CONE) to Underperform
- S&P 500 edges down on virus woes, slowing economy
- 'Becoming JP Morgan of the Future': Square (SQ) Dips on Deal to Acquire BNPL Afterpay For $29B in Stock, Benefits Outweigh High Price Says Analyst
- Oil falls over 3% on concerns over demand and OPEC supply boost
- ON Semiconductor (ON) Surges on Strong Q2 Results and Q3 Outlook
- Dollar wavers on dovish Fed tone, mixed economic outlook
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - April 30, 2021 7:37 AM EDT)
Raymond James analyst Frank Louthan downgraded CyrusOne (NASDAQ: CONE) from Outperform to Underperform.
The analyst commented, "We are lowering our rating on shares of CyrusOne to Underperform from Outperform following 1Q results, as the operational execution is likely to take longer to improve than we originally thought. We believed recent execution trends would abate, and low guide and valuation disparity reflected this.
However, it appears churn will remain elevated in Q2 and hyperscale is seeing pricing pressures, with little direction from management as to how the pricing dynamic will turn. Both of these factors imply operational results are unlikely to see upside in the near term. CyrusOne has an analyst day scheduled well after NAREIT in June, and we expect additional long-term updates then. We believe changes to the outlook will take time to adjust and the shares are unlikely to appreciate during that time"
Shares of CyrusOne closed at $71.45 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Raymond James Downgrades LKQ Corp. (LKQ) to Market Perform
- UPDATE: JPMorgan Downgrades Telephone & Data Systems (TDS) to Underweight
- Space Shots Drive a Massive Northrop Grumman (NOC) Beat - Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Downgrades
Related EntitiesRaymond James
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!