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Morgan Joseph initiates coverage on Equinix (
Morgan analyst says, "We believe it has entered into a promising revenue cycle with new centers now online, and additional expansion anticipated coming online over the next year, with a 15% increase in capacity expected by 1Q10. Our price target of $100.00 is based on an approximate 10x 2010E EV/EBITDA multiple. We estimate 2010 sales and adjusted EBITDA of $1.03bn and $480mm, respectively, vs. our 2009 estimates of $864mm and $385mm. As demand for Internet infrastructure increases, and Equinix's ability to fully fund its growth to meet demand going forward, we believe our estimates are reasonable...We believe the growing demand for bandwidth has driven, and is expected to continue driving, colocation and interconnection services."
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