UPDATE: Pivotal Research Group Downgrades Cogent Communications Group to Hold on Valuation

Pivotal Research Group downgraded Cogent Communications Group

from Buy to Hold and maintained a $26.50 price target. Pivotal Research Group commented, "This is not a call in Q4 or 2013 earnings. Our Q4, 2013 estimates, and $26.50 price target remain unchanged. The stock is up 19% since mid-November vs. +6.5% for the S&P 500. Excluding the dividend there is currently only 9% upside on the stock based on our price target (which remains unchanged) and 10.8% including the dividend. The stock is also very close to its 52-week high of $24.33." Cogent Communications Group closed at $24.31 on Thursday.