Canaccord Genuity Reiterates Buy On Equinix, $259 PT
In a research report issued today, Canaccord Genuity analyst Greg Miller reiterated a Buy rating on Equinix (NASDAQ:EQIX) with a price target of $259.00.
Miller noted, “After the market close, Equinix announced the much-anticipated special distribution to shareholders as part of its plan to convert to a REIT beginning January 1, 2015. We note this “purge” is a required step in order for the company to begin operating as a REIT and, while the company continues to await the IRS Private Letter Ruling, we view this as an important milestone towards completing the REIT conversion process. The company also detailed plans for further special distributions next year with the aggregate amount roughly equivalent to $1B-$1.1B. All in, we view this announcement positively as it shows management is executing the necessary steps to complete the process in line with their guidance.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Greg Miller has a total average return of -0.1% and a 46.3% success rate. Miller has a 0.9% average return when recommending EQIX, and is ranked #2255 out of 3336 analysts.