UPDATE: The Benchmark Company Reiterates On InterNAP Network Services Following Strong 3Q14 Results

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In a report published Thursday, The Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on

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InterNAP Network Services

(NASDAQ: INAP), and raised the price target from $11.00 to $12.00.In the report, The Benchmark Company noted, “InterNAP (INAP-Buy, PT from $11 to $12) reported strong 3Q14 results, highlighted by legacy, non-partner, organic DC growth of 16% y/y and a material acceleration in margin expansion to 290bps y/y from 190bps in 2Q14. Furthermore, while management offered 4Q14 revenue guidance of $84.5 million at the midpoint vs. consensus of $86 million due to the timing of the migration impact and further expected partner churn, they also offered EBITDA margin guidance of 26% at the mid-point and stated that 4Q is expected to be a foundational margin level for 2015. We had highlighted in our preview that we believed Internap's margin profile was greatly enhanced based primarily on an ongoing positive sales mix shift with upside to consensus and our estimates, but new guidance exceeded even our upside expectations. We are forecasting 2015 revenue growth of 5%, including ongoing partner churn and continued declines in IP Services revenue, but also including 16% core DC revenue growth excluding iWeb, which may prove conservative given Internap's traction in the cloud market. Furthermore, our EBITDA estimate goes to $92.7 million, up 19% y/y, at a 26.4% margin.”InterNAP Network Services closed on Wednesday at $7.39.