Data center operator Equinix climbs on Q2 beat-and-raise
BUZZ-Data center operator Equinix climbs on Q2 beat-and-raise ** Data center operator Equinix EQIX.O shares up 4.5% to $1,053.71 on Thurs after its qtrly results topped Wall Street's expectations and it boosted forecasts
** Redwood City, California-based REIT late Weds posted Q2 rev of $2.63 bln, up 16% yr/yr, topping consensus view of $2.58 bln, per LSEG data
** Adj funds from operations (AFFO) came in at $11.78/sh; analysts had modeled for $11.26/sh
** Co said annualized gross bookings grew 23% yr/yr, contributing to a record backlog
** It raised its 2026 AFFO outlook to $42.69-$43.29 from prior guidance of $42.31-$43.11
** Jefferies said in a note that, more importantly, EQIX lifted its AFFO 2027-2029 growth outlook to 9%-12% from 5%-9%, "reflecting robust enterprise demand fueling bookings as broad-based AI and cloud needs spur deployments"
** At least 6 brokers raised their PTs, including Jefferies ($1,340 from $1,300) and JP Morgan ($1,300 from $1,200)
** 23 of 30 brokers rate the stock "strong buy" or "buy", 6 "hold"; median PT $1,211
** EQIX shares now up 37% YTD and far outpacing 12.5% advance in the S&P 500 Real Estate sector .SPLRCR
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))