UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Equinix
In a report published Friday, Canaccord Genuity reiterated its Buy rating on Equinix (NASDAQ: EQIX), and raised its price target from $195.00 to $225.00.
Canaccord Genuity noted, “We are increasing our price target to $225 from $195 now that the Equinix board has formally approved the plan to convert the company to a REIT starting in 2015. Although the plan includes some unexpected equity distributions and additional expenses associated with the conversion, we find this event to be largely positive and likely indicative of the company's expectation to gain its approval with the IRS. Although we expect little information flow between now and the time in which the IRS opines on the treatment of its interconnection service revenue stream, we remain confident of its ultimate conversion.”
Equinix closed on Thursday at $200.50.
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