Evercore Partners Reiterates Overweight, $140 Target on Equinix

Evercore Partners maintains its Overweight rating and $140 target price on Equinix EQIX on the heels of a solid fourth quarter and conservative guidance. Evercore Partners notes, "EQIX reported another quarter of strong results – with revs and EBITDA 1% and 4% ahead of estimates. EQIX maintained prior revs and EBITDA guidance for 2012 – but indicated that the updated outlook incorporated a revs and EBITDA currency headwind of $15MM and $7MM, respectively. With less than seven weeks complete in 2012, we view mgmt's outlook as appropriately conservative. Finally, the company reiterated its on-going due diligence for REIT conversion. Net/net, with strong execution and highly achievable guidance – we continue to favor investment into EQIX." EQIX closed at $127.42 a share on Wednesday.