UPDATE: Piper Jaffray Downgrades InterXion Holding on Lack of Catalysts/Upside

In a report published Thursday, Piper Jaffray analyst Andrew J. Nowinski downgraded InterXion Holding (NYSE: INXN) from Overweight to Neutral, and lowered the price target from $28.00 to $24.00.

In the report, Piper Jaffray noted, “InterXion has consistently delivered steady revenue and adj. EBITDA growth over the last 3+ years. Despite recent softness in Germany noted by Equinix, Interxion was able to deliver solid Q2 results in that region this quarter, which is evidence of their stronghold on the European market. However, the departure of a top 15 customer is also proof that a relatively small disruption can have a significant impact on the model, particularly since they do not have a U.S.-based presence. Given the uncertain timing and strength of a recovery in the European market, we do not believe shares of INXN should trade at a premium to industry leaders such as Equinix and therefore we are downgrading shares to Neutral and lowering our price target to $24 (previously $28).”

InterXion Holding closed on Wednesday at $24.15.