21Vianet (VNET) Bullish Stance Reiterated at Canaccord Genuity
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Canaccord Genuity analyst Greg Miller reiterated a Buy rating and $31 price target on 21Vianet (NASDAQ: VNET) saying it is one of the more attractive investment vehicles in the Chinese Internet infrastructure market.
“With continued strong demand in the Chinese market for Internet colocation in addition to bandwidth services, we continue to believe 21Vianet represents one of the more attractive investment vehicles in the Chinese Internet infrastructure market," Miller said.
He Miller added “We continue to wait for the company to be able to offer commercial peering services. Currently, interconnection services account for 16% of Equinix’s recurring revenues but generate an estimated 90% (plus) EBITDA margin.”
The analyst lowered his 2014 Annual Adj. EBITDA estimate to CNY584.2 and increased his 2015 Annual Adj. EBTIDA estimate to CNY855.8. He increased his 2014 and 2015 Annual Revenue estimates to CNY2.818B and CNY3.879B, respectively.
Shares of 21Vianet closed at $26.92 yesterday.
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