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Fly News Breaks for November 2, 2017
CCOI
Nov 2, 2017 | 14:02 EDT
Citi analyst Michael Rollins downgraded Cogent Communications to Sell from Neutral and lowered his price target for the shares to $39 from $43. Today's "tepid" Q3 results with weaker net-centric revenue may serve as a catalyst for investors to revisit the valuation, Rollins tells investors in a research note. The analyst believes a premium multiple is not warranted. Cogent shares are down 15% in afternoon trading to $45.45.
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