Truist Securities Reiterates Buy Rating on Cogent Communications (CCOI)

September 27, 2022 9:19 AM EDT
Get Alerts CCOI Hot Sheet
Price: $58.66 +1.54%

Rating Summary:
    12 Buy, 13 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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Truist Securities analyst Greg Miller reiterated a Buy rating and $85.00 price target on Cogent Communications (NASDAQ: CCOI) following deep-dive on wireless transaction.

The analyst commented, "With Cogent’s recent acquisition of the Sprint network from T-Mobile for what appears to be an astonishing valuation, many investors are left asking “what exactly did they buy?”. Although it would appear that T-Mobile “dumped” a troubled asset, we believe it had few options and that the deal is similar to ones that helped create Cogent decades ago. We expect the deal will improve CCOI’s near-term leverage profile while enabling it the ability to disrupt an untapped market, Lumen largely controls. We believe the continued downdraft represents an attractive buying opportunity — $85 target."

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 $51.09 yesterday.

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