Internap Network Services Corp (INAP) Reports In-Line 3Q; Cowen Reiterates Market Perform

Cowen reiterated a Market Perform rating on Internap Network (NASDAQ: INAP), and raises the price target to $9.25 (from $8.00), following the company's 3Q earnings report. INAP reported 3Q15 revenue in-line with its pre-announcement and EBITDA slightly ahead and maintained its recently revised 2015 guidance. Revenue was $78.3MM vs. the Street’s $78.8MME and guidance of $78-79MM. For 2015, INAP reaffirmed revenue of $320-325MM (Street Old: $322.5MM).

Analyst Colby Synesael commented, "Management. provided needed clarity on the significant ramp expected in 4Q15 EBITDA guidance that when combined with the slight upside in 3Q15 now appears achievable in our view. We have increased our estimates and PT to $9.25 from $8.00 however we still believe execution risk remains high and the likelihood of sale at what one would consider an attractive price unlikely. Maintain Market Perform."

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 $6.90 yesterday.

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