Equinix Raises 2011 Forecast

from Morningstar:

>>The firm's 2011 forecast was a positive surprise. Equinix is now guiding for revenue of $1.5 billion and $675 million in EBITDA, which is ahead of consensus expectations although still slightly below our projections. The firm's pipeline seems to be very healthy and Equinix has seen an uplift in bookings since the quarter ended. As we mentioned in our last note, pricing is holding firm. Monthly recurring revenue was up across the board, and the firm is realizing the synergies from the Switch and Data merger at an accelerated rate. We will be interested to hear more about the firm's 2011 strategic agenda on its analyst day Nov. 11 (specifically, what it plans to do with the cash on the balance sheet), but we remain confident that Equinix's and the industry's long-term growth prospects are intact.