UPDATE: Stifel Upgrades CyrusOne

In a note issued Monday, Stifel analyst Matthew Heinz upgraded shares of CyrusOne Inc CONE from Hold to Buy and set a $31 price target.

Heinz noted CyrusOne has underperformed its peers thus far this year, which he believes is due at least somewhat to recent challenges in the energy sector.

Heinz commented, "Fiscal-year 2014 should be a record investment year for the company as CONE is poised to deliver ~690 square feet of powered shell by early first quarter 2015." He added, "We expect CONE to deliver 60 thousand in CSF in the fourth quarter and 150 thousand CSF during fiscal-year 2015."

Amid the upgrade, shares of CyrusOne were trading up almost 2.5 percent at $27.32.