Cogent price target lowered to $62 from $71 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Cogent (CCOI) to $62 from $71 and keeps a Neutral rating on the shares. The firm expects the stock to pull back as revenue and EBITDA came in below the firm’s estimates with wavelengths showing flat revenue sequentially, the analyst tells investors in a research note. The company will need to demonstrate stronger revenue trends in its core Corporate and NetCentric businesses before the stock can move sustainably higher from current levels, the firm added.