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Benzinga
Benzinga
Business
Anusuya Lahiri

Credit Suisse Is Bullish On This Data Center Operator Amid Odds - Read Why

Credit Suisse Lumen (Organization) Nasdaq
  • Credit Suisse analyst Sami Badri initiated coverage of Cyxtera Technologies Inc (NASDAQ:CYXT) with an Outperform rating and a $15 price target.
  • The price target implied an upside of 20% from current levels.
  • Cyxtera is a data center operator in the retail colocation segment, previously a part of Lumen's portfolio. 
  • Cyxtera's occupancy rate of 70.9% lagged the data center peer average of 79.8%, considering the recent strengthening enterprise leasing dynamics seen industry-wide.
  • Cyxtera beat the Q4 FY21 consensus and issued FY22 guidance above the consensus.
  • Price Action: CYXT shares traded higher by 5.04% at $13.12 in the market session on the last check Thursday.
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