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Fly News Breaks for January 3, 2020
CCOI
Jan 3, 2020 | 05:55 EDT
Citi analyst Michael Rollins upgraded Cogent to Neutral from Sell with a price target of $68, up from $53. The analyst believes increased availability of direct-to-consumer video options could catalyze strong volume growth for Cogent's Net Centric business and drive revenues 1-2% above current 2020-2021 consensus estimates. Rollins said he previously underestimated investor enthusiasm for Cogent's dividend growth and yield that he believes supported multiple expansion, despite underwhelming organic performance.
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