UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on InterXion Holding NV on Solid 4Q12 Results

In a report published Friday, Oppenheimer reiterated its Outperform rating on InterXion Holding NV

, and raised its price target from $26.00 to $28.00. Oppenheimer noted, “INXN reported solid 4Q12 results with revenue of €72.8M, advancing 3.5% sequentially. Recurring revenue grew a strong 6% sequentially, in line with our 6.4% est., while non-recurring revenue declined by 27% following an abnormally strong 3Q12. Pricing appears healthy as GMs expanded and helped support adj. EBITDA margins of 43.5%, also helped by a mix shift. We expect GMs to continue edging higher (although a 1Q dip is likely) as new capacity sees better utilization. New datacenter construction will moderate after a record-breaking 2012, also helping margins and FCF. We reiterate our Outperform and raise target to $28 from $26, or a 12.6x EBITDA multiple on 2013E, near parity with EQIX (13x) and Telecity (14x).” InterXion Holding NV closed on Thursday at $24.73.