Equinix downgraded to Equal Weight on valuation at Wells Fargo

Wells Fargo analyst Eric Luebchow downgraded Equinix (EQIX) to Equal Weight from Overweight with an unchanged price target of $810. The analyst thinks data center stock upside is limited into earnings after the outperformance year-to-date. The firm notes that valuations on an interest rate-adjusted basis are near all-time highs. As such, Wells downgraded Equinix due to valuation, although it prefers the stock to Digital Realty (DLR) into the Q2 reports.