Markets & Finance

Kaufman Bros. Starts Equinix with 'Buy'

Kaufman Bros. initiated coverage of Equinix (EQIX) with a buy rating.

Analyst Vik Grover says the world's top Internet service providers (ISPs), the most important access networks and carriers, and six of the top seven Web properties have located Equinix's carrier-neutral hubs to connect with each other, allowing them to reduce costs and enhance the speed of their operations. Grover believes the company is moving into a new phase of growth. He notes that customer wins are accelerating.The analyst thinks the shares of Equinix are undervalued, considering the company now hosts the "who's who" of the Internet, including Google, Yahoo!, and Amazon. He has a $24 price target, driven by his discounted cash-flow expectations.

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