Cogent price target lowered to $75 from $90 at Oppenheimer

Oppenheimer lowered the firm’s price target on Cogent (CCOI) to $75 from $90 and keeps an Outperform rating on the shares. As expected, Q2 results were messy and looked weak on a year-over-year basis, the firm says. The Street is concerned about anemic topline growth, leverage, and high cash burn. While Oppenheimer thinks these concerns are valid, it remains optimistic trends will improve.