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Fly News Breaks for May 29, 2018
CCOI
May 29, 2018 | 07:26 EDT
As reported earlier, RBC Capital analyst Kenneth Lee downgraded Cogent to Sector Perform from Outperform but raised his price target to $51 from $46. The analyst says the move to the sidelines is warranted by the limited potential return for the stock based on his new pricing model as well as the company trading at a premium on a relative historical basis. Lee adds that there is a "lack of foreseeable catalysts" that may drive estimates higher.
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