UPDATE: Benchmark Raises Target to $140 on Equinix

Benchmark reiterates its Buy rating on Equinix EQIX and raises its price target to $140 (previously $115) as the company is on course to achieve FCF and convert to REIT. Benchmark says, "Equinix stock has risen on sustained demand trends, solid growth prospects, visibility to achieving free cash flow per share, and the potential to convert to a REIT. We increase our price target from $115 to $140 per share as these positives combine with a reasonable valuation, under 10x 2012E EBITDA or only 11x 2012E AFFO. We view Equinix as a core communications holding and likely a REIT within 2 years." EQIX closed at $119.40 a share yesterday.