Canaccord Adams Upgrades Internap Networks (INAP) to Hold
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Canaccord Adams upgrades Internap Networks (Nasdaq: INAP) from Sell to Hold, saying weakness in the stock is now overdone. The firm has a $3.67 price target.
Analyst Mark Kelleher said, "We are upgrading shares of Internap to HOLD from Sell as a result of the stock pullback following the earnings release. We believe Internap’s healthy balance sheet, bundled solution offering, and expansion efforts have more value than the share price is indicating. The stock is now trading at a deep discount to peers at 2.4x EV/2008E EBITDA and 1.7x EV/2009E EBITDA vs. its peers at 9.5x and 7.3x, respectively."
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