Morgan Joseph Reiterates a 'Buy' Rating on Equinix (EQIX); Raises PT & Estimates

Morgan Joseph reiterates a 'Buy' rating on Equinix, Inc., raises price target from $105 to $125.

Morgan analyst says, "We are increasing our price target for Equinix shares to $125 from $105 given our anticipation of robust demand for Equinix' data center services throughout 2010 and 2011, and the introduction of what we believe are conservative estimates for 2011. We also continue to expect the company's data center expansion plans to significantly contribute to revenue growth over the same time
period. For 2011, we estimate sales and adjusted EBITDA of $1.25bn and $591mm, respectively. We are maintaining our 2009 sales and adjusted EBITDA estimate of $878mm and $400mm. We are also maintaining our 2010 sales and adjusted EBITDA estimates of $1.07bn and $506mm, respectively."