Wells Fargo upgraded Equinix (EQIX) to Overweight from Equal Weight with a price target of $875, up from $825. Data center demand was solid in Q2, albeit not at records, although demand should re-accelerate again in the second half of 2024, the analyst tells investors in a research note. The firm cites Equinix’s relative discount to Digital Realty (DLR) for the upgrade, as it thinks the stock’s risk/reward is more attractive into earnings. With sentiment and expectations “relatively low,” Wells likes the setup for Equinix. It suspects the company can maintain constant-currency revenue guide and accelerate revenue growth in the second half of the year.
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