Cogent price target lowered to $80 from $88 at KeyBanc

KeyBanc analyst Brandon Nispel lowered the firm’s price target on Cogent to $80 from $88 and keeps an Overweight rating on the shares. Cogent’s Q1 revenue missed expectations, while adjusted EBITDA was ahead, but KeyBanc is still bullish as Cogent’s 7% dividend yield provides a reason to stay, the analyst tells investors in a research note. The firm believe theres are plenty of assets, including IPv4, Data Centers, and Dark Fiber, to continue to monetize that provide some certainty to the dividend safety.