UBS Starts 21Vianet (VNET) at Buy
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UBS analyst James Wang initiates coverage on 21Vianet (NASDAQ: VNEt) with a Buy rating and a price target of $32.00.
The analyst comments "We view 21Vianet (VNET) as a high-risk but high-return name in the internet data centre (IDC) sector in China. Distracted as it offloaded some of its non-core assets over the past few years, it has ceded market share to the other two operators. However, as the large cloud operators look to diversify their infrastructure providers, we think there is a reasonable likelihood they will increasingly engage VNET ahead of smaller rivals. Momentum appears to be improving as VNET signed an MOU with AliCloud in 2019, and revenue visibility over the next two years appears high, with 40% pre-commitment. With VNET trading at a 50% discount to peers, we initiate coverage with a Buy rating."
Shares of 21Vianet closed at $24.63 yesterday.
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