Why CyrusOne's Stock Is Trading Lower Today

CyrusOne CONE shares are trading lower on Tuesday after KeyBanc downgraded the stock from Overweight to Sector Weight.

CyrusOne owns or operates 49 data centers, primarily in the U.S., that encompass more than 8 million net rentable square feet. It has a few properties in Europe and Asia.

CyrusOne has both multitenant and single-tenant data centers, and it is primarily a wholesale provider, offering large spaces on longer-term leases. The firm has about 1,000 total customers, and cloud service providers make up about one-third of its total revenue.

Its largest customer, Microsoft Corporation MSFT, accounted for over 20% of 2019 revenue, and its top 10 customers generated about 50%.

After cloud providers, companies in the financial services and energy industries contributed the biggest proportion of CyrusOne's sales.

CyrusOne shares were trading down 2% at $72.98 at the time of publication Tuesday. The stock has a 52-week high of $79.73 and a 52-week low of $43.72.