Canaccord Genuity reiterated a Buy rating on Equinix (NASDAQ: EQIX), and raised the price target to $320.00 (from $315.00), following the company's 3Q earnings. The company reported another record 7,000 (plus) cross connects added in the quarter, the majority of which are connections to and from cloud providers.

Analyst Gregory Miller commented, "Equinix reported solid results after the close. On a foreign currency-adjusted basis, the report produced another beat and raise event for the company, which has become typical during this time of accelerated cloud deployments. Operating strength was reported across the globe that we expect to continue throughout 2016. With the proposed merger with Telecity expected to close in 1H16, we expect the company to provide 2016 guidance that includes the revenue and cost synergies the company is currently prohibited from discussing. Because Telecity had so much capacity available for sale and Equinix such a robust pipeline, we believe the combination of the two will produce strong results for investors. With 3Q15 better than expected and solid key performance indicators across the board, albeit it with confusing REIT metrics, we reiterate our rating on Equinix. We bump our price target up slightly to $320 on account of increased 2016 estimates."

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Shares of Equinix closed at $294.59 yesterday.