Cogent price target lowered to $74 from $81 at RBC Capital

RBC Capital analyst Bora Lee lowered the firm’s price target on Cogent (CCOI) to $74 from $81 and keeps an Outperform rating on the shares. The firm has updated its model following the company’s Q1 results last month as well as the management’s updated longer-term guidance, the analyst tells investors in a research note. RBC cites slower assumed pace of dividend growth and more conservative assumed terminal dividend growth rate of about 3.5% vs. 4.0% prior.