UPDATE: Piper Jaffray Lowers PT on Cincinnati Bell on Model Update

In a report published Friday, Piper Jaffray reiterated its Neutral rating on Cincinnati Bell

, but slightly lowered its price target from $4.50 to $3.50. Piper Jaffray noted, “We have updated our Cincinnati Bell model to reflect the IPO of CyrusOne and the company's 4Q12 results. Based on these changes, we're reducing our price target to $3.50. We continue to rate Cincinnati Bell Neutral. After incorporating 4Q12 results and adjusting for the IPO of CyrusOne, we're reducing our FY2013 revenue estimate to $1.207B from $1.486B. We're also reducing our 2013 EBITDA estimate to $393M from $553M. Finally, our FY2013 EPS estimate (before special items) goes to $0.03 from $0.18.” Cincinnati Bell closed on Thursday at $3.14.