Equinix (NASDAQ: EQIX) received a number of ratings updates from brokerages and research firms in the last week:

  • Equinix had its “overweight” rating reaffirmed by analysts at Piper Jaffray.
  • Equinix had its “buy” rating reaffirmed by analysts at National Securities. They now have a $240.00 price target on the stock.
  • Equinix had its price target raised by analysts at Canaccord Genuity from $195.00 to $225.00. They now have a “buy” rating on the stock. They wrote, “We are increasing our price target to $225 from $195 now that the Equinix board has formally approved the plan to convert the company to a REIT starting in 2015. Although the plan includes some unexpected equity distributions and additional expenses associated with the conversion, we find this event to be largely positive and likely indicative of the company’s expectation to gain its approval with the IRS. Although we expect little information flow between now and the time in which the IRS opines on the treatment of its interconnection service revenue stream, we remain confident of its ultimate conversion.”
  • Equinix had its price target raised by analysts at Jefferies Group from $200.00 to $250.00. They now have a “buy” rating on the stock.
  • Equinix had its price target raised by analysts at Goldman Sachs to $216.00. They wrote, “EQIX announced that its Board of directors approved a plan for the company to convert to a REIT. The company intends to file for a private letter ruling from the IRS by year end, with expectations to elect REIT status for 2015. … We view the certainty around the REIT commitment positively, but we remain Neutral rated on EQIX as we believe the share price already values the firm as a REIT. We adjust our price target to $216 from $195 as we move to a 100% REIT-weighted methodology (from 75% + 25% nonREIT/DCF-based).”

Equinix, Inc. opened at 195.22 on Friday. Equinix, Inc. has a 1-year low of $82.43 and a 1-year high of $212.00. The company has a market cap of $9.373 billion and a price-to-earnings ratio of 95.65.

Equinix, Inc. (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers.