FBR Downgrades Cogent Communications (CCOI) to Underperform
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Friedman Billings & Ramsey downgrades Cogent Communications (Nasdaq: CCOI) from Market Perform to Underperform.
The downgrade follows Friday's Q1 earnings report, which was issued before the market opened. The company reported a larger-than-expected Q1 loss of $0.19 and also issued FY09 guidance. Shares of Cogent fell more than 6% on the results Friday.
The stock is continuing lower today amid the analyst downgrade. Shares of Cogent most recently traded at $6.87, down 6.4% from Friday's closing price.
To see all the analyst ratings and changes on Cogent, visit our Analyst Ratings page.
Cogent Communications Group, Inc., together with subsidiaries, provides high-speed Internet access and Internet Protocol, or communications services to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations.
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