UPDATE: RBC Capital Upgrades Cogent Communications (CCOI) to Outperform
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RBC Capital analyst Bora Lee upgraded Cogent Communications (NASDAQ: CCOI) from Sector Perform to Outperform with a price target of $84.00 (from $70.00).
The analyst comments "We increase our PT to $84/share and increase our ratingto Outperform (previous: Sector Perform) on factors including a) early signs of a potential recovery in the Corporate market with increasing vaccination rates, b) constructive International trends, c) shareholder return levels implied by our revised PT and the company’s dividend yield, and d) accretive cashflow benefits from the recent financing. Based on our 2021E/2022E estimates, CCOI shares trade at EV/EBITDA multiples of 21.4x/20.2x, which we find reasonable in light of the company’s high level of operating leverage, with tower-like flow-through margins, and path toward 200 bps of margin expansion annually."
Shares of Cogent Communications closed at $78.76 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
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