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Fly News Breaks for February 12, 2020
DLR, CONE
Feb 12, 2020 | 13:23 EDT
Stifel analyst Erik Rasmussen noted that TMT Finance is reporting that CyrusOne (CONE) is working with banks after receiving M&A inquiries, pointing out that the company was also subject to takeover speculation following a report in August of last year. After having run-up following that previous report, the stock subsequently declined after the company's 3Q earnings call, during which CyrusOne stated they were not pursuing a sale, said Rasmussen. Using Digital Realty's (DLR) prior acquisition of DFT as a guide, Rasmussen said he thinks a deal, if one were to be completed, could value CyrusOne at $80 to $90 per share. He has a Buy rating and $85 price target on the stock, which is up about 8% to $67.34 in afternoon trading.