Cogeco Cable Maintained 'Sector Outperformer' By CIBC On Sell-Off
Friday, January 27, 2022 10:50 AM

CIBC World Markets Inc. trimmed its price target and earnings estimates on Cogeco Cable Inc. (TSX: CCA.TO), while maintaining its "Sector Outperformer" rating.

Robert Bek, an analyst at CIBC, said he had expected Cogeco Cable’s results to be solid overall, with good numbers out of Canada and the inverse in Portugal, but these results were light of that, given weak margins in Canada.

While first quarter was a weaker quarter for CCA, Bek expects Canada to continue to grow in 2012, while Portugal's weakness is well reflected in the stock. "The stock has given back enough, and is too inexpensive at current levels," he wrote.

Bek, who cut his price target to $53.00 from $54.00, revised down his 2012 EPS estimate to $4.42 from $4.63 and 2013 EPS estimate to $4.73 from $5.09.

CCA.TO shares traded unchanged at $47.75 on Friday.