Cogent Communications Faces Setback: Analyst Downgrades Stock Due To Delayed Growth
Portfolio Pulse from Priya Nigam
Cogent Communications Holdings Inc (NASDAQ:CCOI) faces a setback as BofA Securities downgrades its stock from Neutral to Underperform due to delayed growth in wavelength sales. The company is behind schedule in monetizing its Sprint Wireline acquisition, with sales falling below expectations.
August 21, 2024 | 4:24 pm
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Cogent Communications has been downgraded by BofA Securities from Neutral to Underperform due to delays in growth and integration of the Sprint Wireline acquisition. The price target was reduced from $75 to $65.
The downgrade by BofA Securities is significant as it reflects concerns over Cogent's delayed growth and integration issues with the Sprint Wireline acquisition. The reduction in price target indicates a negative outlook on the stock's short-term performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100