RBC Sees Downturn Hitting Cable, Hosting Companies

RBC Capital’s Jonathan Atkin today chopped his price targets on a host of cable, broadband access and Web hosting stocks to reflect the softening economy; he cut estimates for most of the same companies. In none of the reports this morning does Atkin give a lengthy description of what the problem is, but really, do you need any?

Here’s a rundown on the target reductions:

• Comcast (CMCSA): To $20, from $24.


• Time Warner Cable (TWC): To $24, from $31.


• Rackspace (RAX): To $9, from $12.


• Cogent Communications (COGI): To $9, from $14.


• Equinix (EQIX): To $84, from $127.


• Internap (INAP): To $5, from $6.


• Knology (KNOL): To $14, from $15.


• Mediacom (MCCC): To $6, from $8.


• NaviSite (NAVI): To $8, from $10.


• Savvis (SVVS): To $11, from $17.


• Switch and Data Facilities (SDXC): To $14, from $22.

Most of the stocks are down today, and some are getting quite hard, in particular Cogent, Mediacom, Comcast, Time Warner Cable, Savvis and Knology:

• Comcast is down $1.21, or 7.4%, to $15.10.


• Time Warner Cable is down $1.64, or 7.9%, to $19.26.


• Rackspace is down 36 cents, or 5.9%, to $5.70.


• Cogent is down $1.15, or 23.5%, to $3.75.


• Equinix is down $2.44, or 4.4%, to $52.56.


• Internap is up 6 cents, or 2.7%, to $2.28.


• Knology is down 38 cents, or 7.7%, to $4.54.


• Mediacom is down 49 cents, or 13.5%, to $3.03.


• Navisite is down 3 cents, or 2.9%, to 99 cents.


• Savvis is down 57 cents, or 7.6%, to $6.92.


• Switch and Data Facilities is down 16 cents, or 1.8%, to $8.69.