UPDATE: Stifel Nicolaus Raising Price Target On Equinix

Stifel Nicolaus is out with a research report on Equinix, Inc. EQIX and is raising its price target to $130 from $120, and it has a Buy rating on shares after it reported earnings. In a note to clients, Stifel Nicolaus writes, "We reiterate our Buy rating on shares of Equinix and are increasing our target price to $130 based on an EV/EBITDA multiple of 10x our upwardly revised 2012 estimate. Equinix delivered another beat-and-raise quarter that should serve to further rebuild confidence in the fundamental growth story for Equinix and the industry more broadly. We remain attracted to the growth outlook for Equinix, and we believe there continues to be an upward bias to estimates, which coupled with what we view to be additional room for multiple expansion results in an attractive risk/reward from current levels, in our opinion." Shares of EQIX are up $6.72 in pre-market trading to $104.00, a gain of 6.91%.