Cogent price target lowered to $93 from $97 at TD Cowen

TD Cowen lowered the firm’s price target on Cogent (CCOI) to $93 from $97 and keeps a Buy rating on the shares. Cogent posted “modest downside results,” upsized its long-term revenue growth targets to 6%-8%, and cut its typical dividend growth expectations, driven by the prolonged, but still expected, data center sales needed for deleveraging, the analyst tells investors. The firm sees the stock pullback as a buying opportunity as data center sales should restore accelerated capital returns, the analyst added.