Cogent shares surge premarket on Wells Fargo's double upgrade to 'overweight'

** Shares of internet provider Cogent Communications Holdings Inc CCOI.O rise nearly 5.5% to $36.12 in premarket

** Wells Fargo upgrades stock by two notches to "overweight" from "underweight"

** Cites that Cogent has reached a turning point, with most of the unprofitable Sprint-related revenues now behind it

** Brokerage expects growth to pick up in 2026 as Cogent completes its network integration, sees rising customer interest, and benefits from faster service delivery, all of which support stronger free cash flow over time

** Average rating from 12 analysts is "buy"; median PT is $47.5 - data compiled by LSEG

** As of last close, CCOI stock is down nearly 56% YTD