Equinix upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Ari Klein upgraded Equinix to Outperform from Market Perform with a price target of $785, up from $755. The analyst views data centers as "generally well-positioned to weather a challenged" macro environment. The firm is also "encouraged" by Equinix’s pricing power, the tailwind from strong bookings and lower churn, a $2.3B development pipeline, and services expansion, which it believes it supportive of high-single-digit long-term funds from operations share growth. Moreover, Equinix’s balance sheet is a "differentiator" and the company is well positioned with a "high-quality portfolio, geographic/customer diversification, and a competitive moat via connectivity," the analyst tells investors in a research note.