94-95 Cobra's do not have COBRA on the rear bumper. It simply says MUSTANG.
Both the V6 and Cobra in 94-95 said COBRA while the GT's had MUSTANG GT.

The only body difference in Cobra's during 94-95 was the front bumper, spoiler, and wheels. ALSO, 94 COBRA's did not have the Cobra Emblem in the grill.

The hood snares everyone is use to seeing did not appear until 96.

It's basically a fresh start for a 5.0 Cobra. For the price, the new owner will know to go ahead and start from the ground up, it's just a starting platform in it's current condition.