UPDATE 1-RESEARCH ALERT-FBR downgrades Cogent Communications

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July 15 (Reuters) - Friedman, Billings, Ramsey downgraded Cogent Communications Group Inc (CCOI.O) to "underperform" from "market perform" and halved its price target on the stock, sending the shares down as much as 15 percent to a new 52-week low.

The brokerage said the Internet access and protocol provider was at a higher risk of a lower 2008 revenue outlook on increased pricing pressure.

However, Cogent's management has the ability to reposition the company to better exploit revenue growth opportunities in the future, the brokerage said.

Friedman cut its price target on the stock to $10 from $21. Shares of the company were down $1.63 at $10.23 in morning trade Tuesday on Nasdaq. They touched a 52-week low of $10.05 earlier in the session. (Reporting by Santosh Nadgir in Bangalore; Editing by Vinu Pilakkott)