Equinix price target raised to $975 from $900 at Argus

Argus analyst Marie Ferguson raised the firm’s price target on Equinix (EQIX) to $975 from $900 and keeps a Buy rating on the shares. Equinix has sequentially topped consensus in 2024 and after the management upped its 2024 revenue and AFFO guidance the projected earnings growth rate for 2024 is at the top for the REIT peers the firm covers, the analyst noted. While shares have been volatile recently, reflecting Tech sector rotation, the firm sees positive momentum for the shares based on fundamental growth and positive momentum in the income sector and thinks the data storage business is a good investment, with strong growth prospects in the EMEA and APAC regions offsetting slower growth in North America.