Cogent's Stock Up After Completing Buy of Assets From T-Mobile

Cogent Communications stock price was up 8% Wednesday, to $73.58, after closing its acquisition of a long-haul fiber network and other wireline assets from T-Mobile. Bank of America’s David Barden also upgraded Cogent two notches, to buy from underperform. Barden told investors he expects Cogent management to "swiftly leverage its existing platform and sales force to realize synergies and transition the acquired business from losses to profit." The former Sprint’s assets had been a money loser for T-Mobile (see 2209070039).