UPDATE: Raymond James Downgrades CyrusOne (CONE) to Underperform

April 30, 2021 5:41 AM EDT
Get Alerts CONE Hot Sheet
Price: $72.12 +1.19%

Rating Summary:
    17 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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(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"

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 $71.45 yesterday.

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