UPDATE: Bank of America Downgrades Cogent; Lowers PT
According to a research report published earlier today, Bank of America has downgraded Cogent Communications Group (NASDAQ: CCOI) from Buy to Underperform, and has lowered PT from $19 to $18.
In the report, Bank of America said, “Cogent trades at a 45% premium to peer group comparables and at the top of its historic EV/EBITDA valuation range. Cogent shares have fully recovered after selling off 15% on January 20 following disclosure that 5.5% customer Megaupload had been charged with online piracy of copyrighted works.”
Cogent Communications closed Friday at $19.08.
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