In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on InterNAP (NASDAQ: INAP), with a price target of $16.50. The company’s shares closed yesterday at $6.38, close to its 52-week low of $6.30.
Kurnos wrote:
“We would note that 4Q guidance, aside from likely being just generally conservative, does not include any benefit from the 6 metro fiber rings set to be lit up. We also suspect investor expectations may have been too aggressive relative to the timing of when the large customer wins actually translate into revenue (3 months to build out with little to no revenue until month 3, 12 months to fully build/scale into). Backlog replenishing at over $20 million and a new leg from 3 wholesale colo deals totaling over $15 million should support the improving growth thesis, even if there’s no “hockey stick” per management, and we wouldn’t be surprised to see 1 or more notable wins announced between now and the end of the year that would help 2019.”
According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 11.5% and a 57.0% success rate. Kurnos covers the Services sector, focusing on stocks such as Booking Holdings Inc, Sinclair Broadcast, and 1-800 Flowers.com.
InterNAP has an analyst consensus of Strong Buy, with a price target consensus of $16.17, representing a 153.4% upside. In a report released yesterday, Craig-Hallum also maintained a Buy rating on the stock with a $10 price target.
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Based on InterNAP’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $13.92 million. In comparison, last year the company had a GAAP net loss of $10.9 million.
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Internap Corp. engages in the provision of information technology infrastructure services. It operates through the INAP COLO, and INAP CLOUD segments. The INAP COLO segment consists of colocation, managed services and hosting, and network services.
