Benchmark Initiates Internap Network Services at Buy (INAP)

Benchmark is out with its report today on Internap Network Services

, initiating INAP at Buy with an $8 PT. In a note to clients, Benchmark writes, "We initiate coverage of Internap with a Buy rating. Internap is a small-cap datacenter and IP transit company, exiting an almost two-year turnaround process. Internap's operating performance improved steadily through 2010 and Internap should return to growth this year. With strategic assets and a measured valuation of 8x 2011E EBITDA, the risk/reward appears attractive. Using 9x 2011E EBITDA, our price target is $8 per share." At the time of posting, shares of INAP were trading at $7.31, up 5.79% from Tuesday's close.