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Fly News Breaks for August 16, 2019
CONE
Aug 16, 2019 | 15:52 EDT
BofA Merrill Lynch analyst Michael Funk said he believes "there is a degree of logic" to Bloomberg's report that CyrusOne is considering a sale after receiving interest from private equity investors. While strategic interest is also possible, he views it as less likely. His "basic leverage buyout math" arrives a potential price of $85 per share, which implies 20x his 2020 EBITDA estimate. Following the report, Funk reiterated his Buy rating on CyrusOne shares and increased his price target on the stock to $80.
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