Cogent Communications Group, Inc.’s (CCOI) Price Target Raised

Jefferies & Company, Inc. has raised the price target for Cogent Communications Group, Inc. (NASDAQ: CCOI) from $10 to $11. The price target for the company has been raised due to improved outlook for free cash flow in FY10.

The company has reported results for the fourth-quarter in-line with the consensus. Cogent Communications reported revenue of $62.5 million for the fourth-quarter, which is slightly below the consensus of $62.6 million. The company reported EBITDA of $17.3 million, slightly below the consensus of $17.7 million.

Jefferies continues to rate Cogent Communications Group, Inc. as a Hold.