io vedo stime in crescita...
e dati complessivamente più che dignitosi...
http://finance.yahoo.com/q/ks?s=INAP
Infatti, ma vediamo cosa pensano gli analisti di quei geni che sono riusciti a distruggere con una acquisizione strapagata ed integrata male una azienda sana:
Thomas Weisel Partners
>>INAP needs
to demonstrate that it has overcome performance issues and perform once again at a high level.
Canaccord Adams
>>Negative. Internap’s business is clearly in a transition period and
needs time for its customers to regain confidence in the company’s execution.
While the increase in IP traffic is promising, the steep decline in pricing is a reason for caution. We continue to believe that Internap’s bundled service offering is unique,
but with key management personnel changes, high customer churn, and lowered guidance
we believe 2008 will be a difficult year for Internap.
Cowen and Company
>>Conclusion:
Q1:08 added to INAP’s long list of disappointments. We recommend waiting until INAP shows it can deliver on its promises.
INAP has been guiding to 25% Y/Y revenue growth in 2008 since the company first gave 2008 guidance in Jul-07.
We are concerned that the company did not reset expectations earlier. While INAP restated 2007 revenues down by $1.8MM in March, we expected this to translate into a ~$10MM annual decline in revenues, but instead
we are further cutting our 2008 estimates by $6MM to reflect, not only the slower growth in the CDN business, but a weakness in the core IP services business.
This is the third time we have cut our 2008 INAP revenue estimates since the beginning of the year. The consistent downward trend, plus the back end loading,
raises concerns that further cuts may be necessary.
We recommend waiting
until INAP shows it can deliver on its promises.
Jefferies & Company
>>In addition to the continued drop in gross margins and EBITDA margins, the company lost a net 40 customers - the first such customer loss in more than 4 years.
Coming into the qtr, we downgraded INAP
based on 3 expected negative catalysts: (1) lower revs quality (evidenced by reduced and restated Q4:07 results and 0.7% Q/Q revs growth in Q1:08), (2) weaker CDN performance (evidenced by a contraction in CDN revs in reduced and restated Q4:07 results), and (3) a reduction to 08 guidance.
Based on the restated 2007 and Q1:08 results,
each of these catalysts has come to fruition. And, while new reduced guidance should mean lower risk in the stock going forward, we remain cautious.
• Still Prefer Other Names. When we downgraded INAP shares on March 20, we recommended shifting investment to the higher quality network neutral names Equinix (EQIX, Buy, $87.59) and Switch & Data (SDXC, Buy, $14.60). Since that date, INAP shares have appreciated 20%,
while EQIX and SDXC have appreciated 45% and 70%, respectively. We continue to prefer those other names.
Roth Capital Partners
>>Lowering to Hold
in recognition that management must show recent troubles have been put to bed and 2H08 ramp will materialize.
While shares appear undervalued at 4.5x and 3.4x EBITDA estimates for '08 and '09,
we believe execution will be key to share appreciation and await 3Q08 results to gain clarity on materialization of improved performance.
With lowered guidance and a 1Q08 miss,
management is likely to remain in the penalty box until the 2H ramp materializes and investors regain confidence.
Signal Hill Capital Group
>>Struggling Through Integration Challenges.
In addition to Internap's disappointing financial results and outlook,
we are concerned that Internap has some
operational issues that may persist for a while.
Finally we feel that issues like the ones noted above are manageable; however
we are concerned that Internap does not have the personnel in place to effectively resolve them. Specifically, we are disappointed that the company's COO and CSO (chief strategy officer) are leaving and Internap has no plans to replace them with strong execution and visionary leaders.
Stanford Group Company
>>Results Miss For The Third Quarter in a Row, Outlook Slashed.
Benefit of the Doubt No More. Cutting Rating to Hold, Suspending Target
In spite of the stock being almost completely washed out,
we advise avoiding INAP shares in the near term.
After being one of the great
turnaround stories in its sector,
the Company’s ship went off course two quarters ago and just how far it has strayed has now become all too apparent. In spite of the fact that the stock appears inexpensive relative to peers, we believe that management has a long way to go to rebuild its credibility.
Likewise,
the stock will take several quarters’ worth of solid execution to recover. We are therefore reducing our rating to HOLD, and suspending our target price.
ma punti di vista differenti..
