Cogent price target lowered to $77 from $93 at TD Cowen

TD Cowen lowered the firm’s price target on Cogent (CCOI) to $77 from $93 and keeps a Buy rating on the shares. The firm reduced their target as checks indicate a bearish data center sales process with a valuation of $10MM/MW very likely unrealistic. Meanwhile, the upstart fiber Waves business remains sluggish in 2Q25E, but Cowen still remains highly constructive on the company capturing Waves share in the AI Inference era.