Cowen Cuts Price target on Internap Network Services Corp (INAP) Following 3Q15 Results

Cowen reiterated a Market Perform rating on Internap Network (NASDAQ: INAP), and cut the price target to $8.00 (from $11.00), following the company's 3Q15 earnings results. Internap reported preliminary 3Q15 revenue of $77.5-79.0MM vs. the Street’s $83.5MME. INAP lowered 2015 revenue guidance to $320-325MM from $331-337MM vs. the Street’s $332.5MME.

Analyst Colby Synesael commented, "This evening, Internap reported preliminary 3Q15 results below consensus and reduced its 2015 guidance. We continue to believe Internap has significant issues related to its sales organization that require meaningful changes and that mgmt. has underappreciated the severity and the time required to fix them. We are lowering our PT to $8 (from $11) which reflects ~8x 2016E EBITDA."

For an analyst ratings summary and ratings history on Internap Network click here. For more ratings news on Internap Network click here.

Shares of Internap Network closed at $8.39 yesterday.

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