NEW YORK (TheStreet) -- 21Vianet Group (VNET) hit an all-time high of $31.89 as of 11:15 a.m. on Tuesday after Credit Suisse upgraded China's largest carrier-neutral Internet data center services provider to "outperform" from "neutral."
The firm increased its target price to $36 from $27 and increased its full year 2014 cloud revenue forecast by 50% $60 million from $40 million. Credit Suisse also increased its full year 2014 revenue forecast as a whole has been 4.2%.
Credit Suisse noted that 21Vianet's "successful monetisation of cloud revenues is proceeding faster than expected." Approximately $26 million of the $40 million in cloud revenues guided for the fiscal year 2014 is already "secure" in the pipeline, which makes the guidance figure conservative.
Separately, TheStreet Ratings team rates 21VIANET GROUP INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate 21VIANET GROUP INC (VNET) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, robust revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk."