UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Cogent Communications Group

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Cogent Communications Group CCOI, and raised its price target from $22.00 to $26.00. Canaccord Genuity noted, “We believe solid 3Q12 results with accelerating volume trends would strongly suggest that the company can overcome the loss of even its single largest customer (MegaUpload at more than 5% of revs) earlier this year. With volume trends reaccelerating and 2013 top line growth likely to again be in the mid-teens, we believe the company's return to a higher growth profile will once again generate incremental investor interest. We are largely leaving 2013 estimates unchanged, introducing 2014 estimates and rolling our price target forward which is now $26 per share. We reiterate our BUY rating on Cogent Communications.” Cogent Communications Group closed on Tuesday at $21.43.