UPDATE: Citigroup Upgrades Equinix to Buy on Revenue Outlook

Citigroup raised its rating on Equinix 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.