AT&T Express Waves launch negative for Cogent, says Raymond James

Raymond James notes that AT&T (T) launched Express Waves last week, boasting its ability to rapidly provision 100 or 400 gig wavelengths between key metros with up to 400G across 460,000 properties served within 15 days. The firm believes announcements like this most recent one from AT&T are “most negative” for Cogent (CCOI), which is trying to break into this market with its over 900 data centers it has enabled for wavelengths. Cogent reports Q3 results tomorrow, notes the analyst, who expects this to be “a significant topic on its earnings call.” The firm has a Strong Buy rating on AT&T and a Market Perform rating on Cogent shares, which are down $1.04, or nearly 3%, to $38.92 in afternoon trading.