The Globe and Mail reports in its Friday edition that TD Cowen's Vince Valentini has cut his ranking for Cogeco Communications to "hold" from "buy." The Globe's Darcy Keith writes that Mr. Valentini gave his share target a $15 trim to $85. Analysts on average target the shares at $75.11. Mr. Valentini says in a note: "Cogeco Communications shares have had a nice run recently (plus 15 per cent YTD), so we believe a bit of caution is warranted in the near-term. The valuation is by no means expensive, in our view (five times 2026E EV/EBITDA is still lower than U.S. cable peers, and a free cash flow yield over 16 per cent is materially higher than Canadian cable/telco comps), and we still see material upside in 2027-2029 as the company both monetizes spectrum and harvests $600-million in FCF per year (with $400M available post dividends). However, sentiment and headline risk can cause volatility for smaller cap names like Cogeco, and we would rather wait for either a lower entry point, or some passage of time, before recommending the purchase of more shares. ... U.S. analysts/investors continue to predict tough competition for cable operators, with talk of broadband penetration getting as low as 25 per cent over time."