Cogent Communications (NASDAQ: CCOI) saw its stock plummet 5.08% in Thursday's trading session, following a series of downgrades from multiple analysts. The sharp decline comes as Wall Street experts express concerns about the company's near-term prospects, significantly lowering their price targets for the telecommunications provider.

RBC Capital Markets led the bearish sentiment by maintaining a Hold rating on Cogent Communications while dramatically reducing its price target from $40 to $23. This represents a substantial 42.5% cut in the firm's valuation of CCOI. Similarly, JP Morgan joined the cautious chorus, slashing its target price for Cogent from $37 to $23, marking a 37.8% reduction.

The wave of downgrades has clearly rattled investor confidence, prompting a sell-off in Cogent's shares. While the specific reasons behind the analysts' pessimistic outlook were not immediately clear, such significant target price reductions often signal concerns about a company's growth prospects, competitive positioning, or broader industry headwinds. Investors will likely be closely monitoring Cogent's upcoming financial reports and management commentary for further insights into the challenges facing the company.