UPDATE: Oppenheimer Upgrades Equinix (EQIX) to Outperform

September 6, 2016 7:11 AM EDT
Get Alerts EQIX Hot Sheet
Price: $383.27 +0.56%

Rating Summary:
    15 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - September 6, 2016 9:24 AM EDT)

Oppenheimer upgraded Equinix (NASDAQ: EQIX) from Perform to Outperform with a price target of $420. Analyst Timothy Horan said defensible growth justifies a higher valuation, and he sees opportunity to 'buy the dip.'

"When we downgraded EQIX to Perform on 3/14/16 ($318.00), we argued that the stock needed to grow into its multiple. While EQIX's stock has performed in line with AMT and INXN since then, its financial performance has been stronger and should continue to be which will put it at a discount to traditional REITs based on our 2018E AFFO yield given >2x the growth rate. We believe mid-teens AFFO growth is sustainable/defensible as enterprises increasingly use EQIX's unmatched connectivity to connect to hundreds of cloud/SaaS suppliers. We see a number of catalysts expanding EQIX's multiple: 1) strong cloud growth; 2) stable interest rates; 3) REIT S&P GIC code creation," said Horan.

For an analyst ratings summary and ratings history on Equinix click here. For more ratings news on Equinix click here.

Shares of Equinix closed at $371.46 yesterday.

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