Piper Jaffray Reiterates Overweight Rating, $225 PT on Equinix
In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating and $225.00 price target on Equinix (NASDAQ: EQIX).
Piper Jaffray noted, “We believe Equinix will be another top performing stock in '13. While the stock is up 86% over the past 12 months, we believe there are a number of positive fundamental reasons the business will continue to perform. The secular trend to outsourced IT is not changing, enhanced by the cyclical trend to asset-light, and supply/demand trends are favorable. Equinix's conversion to REIT process could act as a catalyst, and we believe the company is set up for continued positive estimate revisions. We are re-iterating our Overweight rating, and consider Equinix to be a top idea within our coverage universe.”
Equinix closed on Friday at $189.69.
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