2010年4月美国互联网行业研究报告

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【出版时间及名称】：2010年4月美国互联网行业研究报告
        【作者】：Oppenheimer & Co Inc.
        【文件格式】：pdf
        【页数】：47
        【目录或简介】：

We expect 1Q10 results for the internet services group to be relatively healthy,
driven by an improving IT spending environment and continued strong cost controls.
Our checks indicate that bookings continued to ramp through 1Q as pent-up
demand from 2009 returned to the market. We would not be surprised to see
incrementally more positive outlook by management teams, given signs of
continued stabilizing/improving business activity in the past several months.
However, we would note that currency could be headwind in 1Q and could
moderate some of the upside relative to expectations. Given relatively high
expectations going into the quarter, we expect forward share price performance to
be driven primarily by managements' forward commentaries on 2010 outlook. We
are maintaining almost all our prior 2010 and 2011 forecasts. Our favorite names
are AKAM, CSC, DFT, RAX, SVVS, TMRK, and TTEC.
KEY POINTS
n Data centers: We expect relatively solid results driven by healthy volume
growth and stable pricing trends. Additionally, our checks indicate that booking
activity remains robust which bodes well for the 2010 outlook. Consistent with
prior quarters, the focus will probably be relative upside versus expectations and
2010 guidance. Given relatively high expectations, we remain selective and our
top pick in this group is DFT.
n Managed/IT services: We expect relatively in-line results. Importantly, ongoing
improvement in IT spending trends bodes well for bookings and 2010 outlook.
However, we would caution that signings for larger deals remain choppy and
deal-approval process is still elongated. We expect continued strong growth in
cloud services to drive results in the next couple of years. Our top picks are
CSC, RAX, SVVS, TMRK and TTEC.
n Content delivery networks: We expect CDN volume trends to continue to
accelerate in the next several years, driven by continued acceleration in online
video adoption and higher availability of IP-based smart devices. Although
competitive intensity remains high, recent data points indicate that pricing
declines are beginning to stabilize compared to prior quarters. We expect this,
coupled with rapidly expanding volume generated by adoption trends, to support
solid results for our top pick in the group, AKAM.
n Given relatively healthy demand trends, coupled with improving IT spending
environment, we expect managements to issue positive outlooks. Consistent
with prior quarters, investors' focus is on upside in results/guidance relative to
expectations. We are largely maintaining our 2010-11 estimates across the
group and are broadly in line with consensus. Key risks include currency
changes, reversal of demand/supply imbalance, and potential pricing pressures.

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