Equinix downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Timothy Horan downgraded Equinix to Perform from Outperform and removed the firm’s previous price target of $760 on valuation and guidance that missed expectations. Investors entered Equinix’s well-attended analyst day hoping to hear confirmation that AI would mark a new growth inflection point, but management tamped down expectations, saying “it’s still too early to forecast,” while simultaneously cautioning that opex/capex would remain high, Oppenheimer notes. Positively, long-term fundamentals remain healthy, the firm adds.