Cogent Communications Faces Setback: Analyst Downgrades Stock Due To Delayed Growth
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On Monday, Cogent Communications Holdings Inc (NASDAQ:CCOI) received a price target increase from Citigroup analyst Michael Rollins.
While wavelengths remain a longer-term growth opportunity, the company has fallen behind schedule, according to BofA Securities.
Analyst David Barden downgraded the rating for Cogent Communications from Neutral to Underperform, while cutting the price target from $75 to $65.
The Cogent Communications Thesis: The Sprint Wireline acquisition was completed more than a year ago, but the company “remains deeply immersed in the Sprint network integration,” falling well behind schedule in monetizing the wavelength opportunity, Barden …
Full story available on Benzinga.com
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