Cowen Raises Price Target to $246 on Equinix (EQIX) Following 2Q15
Cowen reiterated a Market Perform rating on Equinix (NASDAQ: EQIX), and raised the price target to $246.00 (from $243.00), following 2Q15. Revenue was recorded at $665.6MM vs. the Street’s $657.5MM estimate. For 3Q15, management expects revenue of $681-685MM (vs. Street's Old estimate of $671.0MM).
Analyst Colby Synesael commented, "EQIX reported solid 2Q15 results including rev/EBITDA/AFFO ahead of estimates driven in part by non-recurring rev. It also increased rev/EBITDA guidance slightly above expectations however the AFFO guidance raise was slightly below the Street. While we continue to be impressed with its execution, we see limited upside given current valuation and remain comfortable on the sidelines."
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Shares of Equinix closed at $279.22 yesterday.