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Equinix Slips: Citi Cuts to Hold; Valuation Too High Relative to Tower Cos.
2015-06-03 06:17:42| IT Services - Topix.net
Shares of data center hosting outfit Equinix are down $2.39, or 0.9%, at $267.76, after Citigroup 's Michael Rollins cut his rating on the shares to Neutral from Buy, while maintaining a $276 price target, arguing the valuation has gotten rich relative to competitors such as Digital Realty Trust and CoreSite . The shares are too rich relative to those two, but also relative to tower leasing companies such as American Tower : EQIX shares at 16x our AFFO est.
Tags: high
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Category:Information Technology