ORLANDO, Fla., July 18, 2008 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a first quarter 2008 research update for INX Inc. (Nasdaq:INXI), a provider of Internet protocol communications solutions serving large enterprise organizations such as corporations and public schools, as well as federal, state and local governmental agencies.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"INXI continued to show improvement in the first quarter of 2008 as it had in 4Q07, despite the general economic slowdown and lower customer spending. The Company continues to focus on expanding its geographic footprint, which has allowed it to win new contracts and expand its order book, thus mitigating to a large extent the risks and uncertainties of the economic slowdown and lower information technology spending in the United States. Also supporting the Company's efforts to overcome these overall uncertainties are economic reforms such as a lower cost of capital and the enhanced depreciation of capital expenditures that have improved customer spending, which we believe have helped to maintain continuity in the Company's contracts.
"Since May 2008, INXI's stock price has been showing an upward trend, surpassing our target price early in the second week of May 2008. We continue to believe that by focusing on the IP network, INXI places itself in a strong position. INXI's unified communications space and virtualization area is also experiencing excellent growth," she continued.
"We are revising our stock recommendation from 'Hold' to 'Buy,'" Bhargava concluded.
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Disclosure
Neither RedChip Companies nor the analyst has received any compensation from INX Inc. or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.