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JP Morgan Downgrades Cogent

JP Morgan downgraded its rating on Cogent (COGT) to neutral from overweight.

Analyst Paul Coster says the stock has appreciated by 91.5% from close on its first day of trading, post IPO, vs. 7% appreciation of S&P 500. He believes its fundamentals remain positive.

He sees sustained commitment to use of biometrics in e-passports, national ID cards, border control applications, and the company's recent success in the commercial segment point to new growth opportunities. However, with shares trading at about 62.6 times 55 cents 2005 earnings per share estimate and a market cap of 18 times fiscal 2005 sales, he believes the stock is trading at the appropriate premium.

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