UPDATE: Citigroup Upgrades Equinix to Buy on Revenue Outlook
Citigroup raised its rating on Equinix (NASDAQ: EQIX) from Neutral to Buy with a reiterated $216 price target.
Citigroup noted, "We are upgrading shares of EQIX to a Buy rating with an unchanged target price of $216 based on its favorable revenue growth prospects heading into 2013, rising returns on gross invested capital, forward valuation metrics that remain at a discount to most of the publicly-traded data centers & tower operators, & potential to improve its tax efficiency by pursuing conversion into a REIT structure."
Equinix closed at $185.12 on Wednesday.
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