Cogent price target lowered to $16 from $22 at Goldman Sachs

Goldman Sachs analyst Michael Ng lowered the firm’s price target on Cogent (CCOI) to $16 from $22 and keeps a Neutral rating on the shares. Cogent reported Q1 misses on EBITDA, revenue, and wavelength growth driven by Sprint-related churn and delayed data center orders, alongside higher-than-expected capex and asset sale plans aimed at deleveraging, with long-term targets reiterated but near-term pressure from elongated infrastructure build cycles keeping a cautious outlook, the analyst tells investors in a research note.