Zegona Communications (LON:ZEG) Price Target Raised to GBX 2,150

Zegona Communications (LON:ZEG) had its price objective hoisted by Canaccord Genuity Group from GBX 1,500 to GBX 2,150 in a report published on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the stock.

Separately, Berenberg Bank reissued a “buy” rating and issued a GBX 1,350 price target on shares of Zegona Communications in a report on Tuesday, November 25th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of GBX 1,683.33.

Zegona Communications Stock Up 3.3%

ZEG opened at GBX 1,565 on Monday. The firm has a market cap of £11.86 billion, a price-to-earnings ratio of 142.27 and a beta of 2.80. Zegona Communications has a fifty-two week low of GBX 390 and a fifty-two week high of GBX 1,585. The company’s 50-day moving average price is GBX 1,343.64 and its 200 day moving average price is GBX 1,170.40.

Zegona Communications declared that its Board of Directors has approved a share repurchase plan on Friday, December 12th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

About Zegona Communications

Zegona is a British company investing strategically across the Europe with the objective of acquiring businesses in the European TMT sector, using a “Buy-Fix-Sell” strategy to deliver attractive shareholder returns.

The first acquisition made by Zegona was of Asturian telecommunications operator Telecable in 2015. Telecable was later sold to Euskaltel in 2017, at which point Zegona acquired a 15% ownership of Euskaltel.

Zegona has subsequently increased its disclosable interest in Euskaltel to over 20%, becoming the largest shareholder in the company.