Collins Stewart Reiterates Buy Rating For Equinix (EQIX)

Collins Stewart analysts Greg Miller and Eric Z. Chu reiterated their Buy rating and $110 price target for shares of Equinix, Inc. (Nasdaq: EQIX).

After meeting with Equinix's U.S. President last week, Miller and Chu had a "greater level of confidence" that the company's growth rate would rise above its already attractive level that exceeds 20%.

"We expect that as it becomes clear that 2010 objectives are achievable and that the market remains healthy and capacity constrained, Equinix’s multiple will return to its recent 11.0x or higher average. Our resulting 12 month price target remains $110 and we think the stock would reach $135 on the same multiple in 18-24 months with successfully execution of its new 3 year plan."

Shares of Equinix closed at $94.47 on the previous trading day.