The Globe and Mail reports in its Friday, Jan. 12, edition that Desjardins Securities analyst Jerome Dubreuil has lowered his recommendation for Cogeco Communications to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Dubreuil, seeing Cogeco Communication's valuation becoming "less attractive," reaffirmed his 12-month share target of $70. Analysts on average target the shares at $71.40. Mr. Dubreuil says in a note: "Given the stock's recent performance, the spread between Cogeco Communications' EV/NTM [next 12-month] EBITDA and that of U.S. peers is now one standard deviation tighter than the two-year average. While we note that several historical U.S. cable transactions were completed at higher valuations than the multiple we assign to Cogeco's U.S. operations, the company needs to be willing to sell some assets for investors to unlock the higher valuation. In addition, we would note that the stock currently has only a negative 0.6 times EV/2025E EBITDA multiple spread vs Quebecor, which we would rather own given its more attractive growth profile." The Globe reported on Nov. 3 that Mr. Dubreuil had reaffirmed his "buy" call for Cogeco when it could be had for $55.58.