Canaccord Genuity Reiterates a 'Buy' on Cogent Communications (CCOI); So-So Q1, Expect Return to Sequential Growth

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Canaccord Genuity reiterates a 'Buy' on Cogent Communications (NASDAQ: CCOI) price target of $22.00.

Analyst, Greg Miller, said, "Following the expected volatile Q1/12 earnings reports that included the shut-down of its largest customer, MegaUpload, we remain confident that the company’s historical pattern of revenue growth and margin expansion will continue now that we are beyond the adverse effects. With sequential traffic growth in March that was one of the strongest in the company’s history driven from over the top video related companies such as Netflix (Nasdaq: NFLX) and even Limelight (Nasdaq: LLNW), we believe investors will soon witness the return of the strong revenue growth they had become accustomed to."

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 $19.32 yesterday, with a 52 week range of $12.23-$20.24.

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