Nomura Remains Bullish on Equinix (EQIX) after Meeting with Management

On Monday, analysts at Nomura had the opportunity to meet with the Equinix (NASDAQ: EQIX) senior leadership team including Steve Smith, CEO, and Charles Meyers, President of Equinix Americas.

"Overall, the meetings supported our bullish stance on EQIX shares,” said Analyst Mike McCormack. “The key areas of focus were the REIT conversion, IBX optimization, and demand/economy."

While the REIT conversion is unlikely to require the full 27 month timeline, management did not believe a 15 month window was sufficient, particularly given the IT projects underway, noted the report.

"Management is very pleased with its critical IBX optimization plan and noted better than expected returns to date, validation of internal assumptions, and better price rationalization" wrote McCormack, adding that "While management was cognizant of some industries experiencing sluggish decision making and demand, Equinix has not seen any significant changes. It appears the mission critical services provided, and the core verticals served are insulating the company from economic weakness."

Nomura Securities Buy Equinix price target of $235.00 (from $235.00)

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 $197.80 yesterday.

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