Zegona Communications (LON:ZEG) Given New GBX 2,150 Price Target at Canaccord Genuity Group

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

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

Zegona Communications Trading Up 10.4%

LON:ZEG opened at GBX 1,480 on Monday. The business’s fifty day moving average price is GBX 1,331.54 and its 200 day moving average price is GBX 1,161.80. The firm has a market capitalization of £11.22 billion, a price-to-earnings ratio of 134.55 and a beta of 2.80. Zegona Communications has a 1-year low of GBX 390 and a 1-year high of GBX 1,495.

Zegona Communications declared that its Board of Directors has authorized a stock repurchase program on Friday, December 12th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is 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.