Internap Network Services Corp.  (INAP) Trade Now »     Rate INAP  -  Discuss INAP  -  Add to Watch List        

Internap Network Services (INAP) late yesterday posted Q1 revenues of $63.9 million an adjusted EBITDA of $4.5 million, consistent with its previous forecast of $62 million to $65 million in revenues and $4 million to $5 million in adjusted EBITDA. The adjusted EPS loss of 7 cents was in line with the Street.

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:

Filed under: Analyst upgrades and downgrades, Whole Foods Market (WFMI), Amer Intl Group (AIG), Nortel Networks (NT), Analyst initiations, Lloyds TSB Group plc ADS (LYG)

Analyst upgrades:

Internap (INAP) shares are getting clobbered in late trading, as the company cut its 2008 guidance for the second quarter in a row.

Internap now expects revenue up 9%-13%, with adjusted EBITDA growth of 11%-15%. One quarter ago, the company had projected 13%-18% revenue growth, with 17%-20% EBITDA growth. That forecast itself had been reduced from the company’s original forecast for the year of 25% top-line growth and 20% EBITDA growth.

The company blamed the reduced guidance on “softness in our CDN segment.”