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Internap Network Initiated a Sell

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Internap Network Services Corporation ([url=]INAP[/url]) offers a suite of network optimization solutions that allow companies to transfer business-critical applications to the Internet. It offers products and services that optimize Internet applications for e-commerce, customer relationship management (CRM), multimedia streaming, voice-over Internet-protocol (VoIP), virtual private networks (VPNs), and supply chain management.

Being a small player in a competitive industry, Internap has a relatively low revenue growth rate. Although the company has been gaining traction in its data colocation services, it is witnessing softness in its content delivery network business. Much of this has been caused by the weakening economy, which has forced INAP to trim its 2008 guidance twice.

Though the company has been making important upgrades to its CDN product, there has been a lackluster performance in the segment in the last few quarters. As such, we are initiating our coverage on INAP with a Sell rating and a price target of $2.50.

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