Nomura Securities Maintains a 'Buy' on Equinix (EQIX); Topping Estimates; Outlook Raised

Nomura Securities maintains a 'Buy' on Equinix (NASDAQ: EQIX) price target of $210.00.

Analyst, Mike McCormack, said, "Equinix reported 2Q results that were above expectations with an adjusted EBITDA of $222mn, versus guidance of $212-214mn, our estimate of $215mn and consensus of $214.5mn. The beat was accomplished through cost controls, as revenue met guidance, but adjusted EBITDA margin of 47.6% beat our 45.6% estimate and 46% consensus expectations. Cash gross margins of 69% beat our 67% estimate. The EPS outperformance was largely driven by lower interest expense, with $0.73 reported versus our $0.62 estimate and consensus of $0.60. Revenue of $466mn compared with guidance of $466-468mn, our estimate of $470mn and consensus of $467mn."

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 $161.37 yesterday.

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