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Cogent downgraded to Neutral at BTIG on valuation.

As reported earlier, BTIG analyst Walter Piecyk downgraded Cogent to Neutral from Buy, saying that after a 21.5% advance in its stock price year-to-date, its valuation is now much closer to his price target of $58. The analyst further states that his bullish view was previously based on the expectations of a sustained 20% dividend growth rate, but his latest meeting with the Cogent CEO at an investor event last week suggested that the company is not planning to maintain that pace or to implement a share buyback. Piecyk adds that the CEO's downplayed expectations of market volatility to reflect the decision should be followed by investors with a less constructive stance.

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Publication:The Fly
Date:Oct 8, 2018
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