Equinix price target raised to $760 from $750 at Oppenheimer

Oppenheimer analyst Timothy Horan raised the firm’s price target on Equinix to $760 from $750 and keeps an Outperform rating on the shares. The firm notes Equinix reported Q4 organic constant currency revenue growth +11%, above its 9.8% estimate, and the high end of the 8.0%-11.0% seen last 18 months. More importantly, the company forecasts a "strong step up" in 2023 growth to 14%-15%, as Oppenheimer had expected, on a normalized and constant currency basis divided between 10% from organic and 5% from power pass-through.