Cyxtera Technologies downgraded at TD Cowen on elevated refinancing risk

As previously reported, TD Cowen analyst Michael Elias downgraded Cyxtera Technologies to Market Perform from Outperform with a price target of $1, down from $3. Given upcoming 2024 debt maturities, the firm sees elevated refinancing risk and said its checks lead it to believe Cyxtera’s ability to refinance is limited by capital markets conditions and elevated leverage. The firm also believes the company’s current capital structure limits its ability to raise incremental capital required to fund long-term growth, the analyst tells investors.