UPDATE: Piper Jaffray Initiates Coverage on Cincinnati Bell at Neutral

According to Piper Jaffray, Cincinnati Bell

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.