DA Davidson Upgrades Cogent Communications (CCOI) to Neutral

DA Davidson upgraded Cogent Communications (NASDAQ: CCOI) from Underperform to Neutral with a price target of $18.00 (from $18.00).

Revenues were hit by FX rates which resulted in a $400k sequential decline. On a constant currency basis revenues would have been up 5.7% YoY and 1.7% sequentially, noted today’s analyst report.

“The company expects another $800k sequential drag in revenues for Q3 if FX rates remain at current levels. Q2 revenues were also negatively impacted by lower pricing as customers took longer contracts terms with promotional pricing,” said analyst Donna Jaegers.

“With the disappointing Q2 behind us, we think Street estimates have been reset lower and we are upgrading the stock back to NEUTRAL,” she added.

For an analyst ratings summary and ratings history on Cogent Communications click here. For more ratings news on Cogent Communications click here.

Shares of Cogent Communications closed at $18.14 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Raymond James Upgrades Aecon Group (ARE:CN) (AEGXF) to Outperform
• Goldman Sachs Upgrades AP Moller Maersk (MAERSKB:DC) (AMKBY) to Neutral
• JPMorgan Upgrades Bajaj Housing Finance (BAJAJHFL:IN) to Neutral