UPDATE: Jefferies Raises Equinix's PT

According to a research report published this morning, Jefferies has increased Equinix's EQIX PT from $165 to $175. In the report, Jefferies commented, "EQIX reported 1Q12 results that beat our/Street ests across the board. These results highlight why we like the stock from an execution perspective and its valuation relative to growth. Additionally, we continue to believe there is optionality on potential conversion to REIT structure. We expect Equinix to discuss the issue in greater detail at the June 20 Analyst Day. We reiterate our Buy rating and are raising target price to $175." Equinix closed yesterday at $149.47.