Equinix downgraded to Hold at Truist on valuation

As previously reported, Truist downgraded Equinix to Hold from Buy with a price target of $815, down from $870. The analyst believes that the stock is fully valued given the high expectations and potential deceleration in AFFO growth from tough comps, interest expenses, and CapEx. Equinix should benefit from digital transformation, but the uncertain timing of AI adoption raises questions about near-term incremental returns, the firm tells investors in a research note.