UPDATE: Citigroup Downgrades Equinix to Neutral on Balanced Risk/Reward

Citigroup downgraded Equinix

from Buy to Neutral and raised the price target from $220.00 to $240.00. Citigroup noted, "We believe the risk-reward scenario for Equinix shares has become more balanced, & we are reducing our rating from Buy to Neutral, while increasing our target to $240 given: 1) downward adjustments to our AFFO per share estimates partly based on some further analysis of the company's capital spending categories, while REIT conversion is still likely a calendar-year 2015 event; 2) we do not see meaningful upside potential to the consensus 2013 revenue outlook given some headwinds from Europe and churn optimization during at least the 1H/13." Equinix closed at $222.69 on Monday.