Cogent price target raised to $90 from $80 at KeyBanc

KeyBanc raised the firm’s price target on Cogent to $90 from $80 and keeps an Overweight rating on the shares. The firm’s updated model shows organic Corporate and Net-Centric growth accelerating and total Core organic growth reaching DD in 2025, driven by IPv4 monetization. This is before factoring in Wavelength revenue, which KeyBanc thinks should grow over 200% year-over-year in 2025, and more than 100% in 2026. While the acquired T-Mobile revenue is likely falling short of expectations, it is by design and will likely result in higher cost savings. The firm believes there is a bull case of about $60/share from hidden assets alone, and when paired with accelerating organic growth and improved cost takeout, shares could drive meaningfully higher.