Equinix remains BofA’s top data center pick after investor meeting

BofA notes the firm hosted Equinix CFO Keith Taylor for a “very timely” investor meeting last week given that the company announced a CEO transition plan a few weeks ago and that a short-seller published a report just prior to the meeting questioning the company’s capex classifications, AFFO calculations, and the resultant impact on management compensation targets. On the back of the short-seller report, investors naturally wanted to discuss growth versus maintenance capex definitions, says the analyst, who maintains a Buy rating and $1,000 price target on the shares coming out of the meeting and continues to highlight Equinix as the firm’s top data center pick.