Cogent price target raised to $82 from $70 at Citi

Citi analyst Michael Rollins raised the firm’s price target on Cogent to $82 from $70 and keeps a Buy rating on the shares. The analyst updated the company’s model post the Q2 report. The firm views the next few upcoming quarters as critical for the company to show a positive inflection on sales within the corporate segment as well as for its emerging Wave opportunity. Cogent is also executing on merger-related synergies and remains upbeat on opportunities to further reduce costs to partly offset the headwinds from declining payments from the T-Mobile agreement, the analyst tells investors in a research note.