In a report published Wednesday, Goldman Sachs analyst S.K.Prasad Borra downgraded the rating on Interxion INXN from Buy to Neutral, but reiterated the $31.00 price target.
In the report, Goldman Sachs noted, “Following outperformance after reassuring 1Q13 results we downgrade Interxion to Neutral, from Buy. There are no changes to our fundamental view that the company offers a good combination of strong top-line growth, defensive revenue and strategic appeal (attractive M&A target for global telco/ colocation vendors expanding into Europe). We continue to see it as a beneficiary of the attractive dynamics in the European colocation market and positive traction in the cloud segment. Since being added to the Buy List on Feb. 27, 2013, the shares are up 14.3% vs. FTSE World Europe +5.7% (in $) (+63.5% and +30.7% (in $) over 12 months).”
Interxion closed on Tuesday at $27.47.
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