UPDATE: Piper Jaffray Initiates Coverage on Cincinnati Bell at Neutral

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According to Piper Jaffray, Cincinnati Bell (NYSE: CBB) coverage is initiated at Neutral.Piper Jaffray said that Cincinnati Bell is a diversified telecommunications company that offers traditional wireline and wireless services, and is building a strong brand in the data center industry. “Our target is based on a 5 year DCF analysis, using a 10.2% near-term cost of capital and 7.6% long-term, and works out to a 2013 EV/EBITDA multiples of 5.5x.”Cincinnati Bell closed yesterday at $3.07.

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