Update: Piper Jaffray Raising Price Target On Equinix (EQIX)

Piper Jaffray is raising its price target on shares of Equinix

to $115 from $112, and it has an Overweight rating on shares after it reported earnings. In a note to clients, Piper Jaffray writes, "Equinix reported very strong first quarter results, raised 2011 guidance and announced 3 additional expansion projects. There were almost no items of concern for us either in the reported numbers or management's comments; business trends appear to be very positive. We are reiterating our Overweight rating and are raising our price target to $115 from $112." Shares of EQIX gained $2.81 yesterday to close at $96.60, a gain of 3%.