CIBC Capital Markets says it is dropping coverage of the television and radio station owner because of the"material uncertainty" surrounding its equity value.
CIBC says it does not expect Corus to be able to generate enough cash to cover its more than $1 billion in outstanding debt. Meanwhile, Canaccord Genuity says it has revised downward its financial estimates for the company and lowered its 12-month stock price target to 10 cents per share from 25 cents.Corus yesterday reported a loss attributable to shareholders of $769.9 million in its latest quarter and said it expects to have slashed 25 per cent of its full-time workforce by the end of next month.The Canadian Press
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