Shaw Communications cut to Sector Perform from Outperform at National Bank

National Bank analyst Adam Shine downgraded Shaw Communications (SJR) to Sector Perform from Outperform with an unchanged C$40.50 price target following the Tribunal dismissal of the application of the Competition Bureau, CB, to block the Rogers (RCI) deal on December 29. CB is not yet prepared to "fold a losing hand", but nothing would stop it from trying to appeal to the Supreme Court, and the companies would then likely push out their January 31 outside date, the analyst tells investors in a research note. Shine adds that it is not clear how much longer this process take based on CB’s push for injunction or appeal.