Cogent price target raised to $100 from $95 at MoffettNathanson

MoffettNathanson analyst Nick Del Deo raised the firm’s price target on Cogent to $100 from $95 and keeps a Buy rating on the shares as the firm doesn’t think the market has “appropriately processed the learnings from Q4 results” with the stock having fallen by 16% since reporting Q4 earnings. The market appears focused on Cogent’s EBITDA miss in Q4 and the flattish EBITDA and dip in free cash flow expected in 2024, but “this emphasis on near-term results is not well-suited for a transformation story like what Cogent is undertaking with the acquired Sprint assets,” the analyst tells investors.