ℹ️ How are these calculated?
🎯 Investment Thesis
Equinix just surged 10.4% today on earnings — JP Morgan raised to $1100, BMO to $1050, UBS to $1010. The interconnection moat (470K+ cross-connects) is nearly impossible to replicate. AI driving record leasing velocity. At $958, near ATH ($993) but analysts see $1000+ as the new floor. 2.2% dividend yield. Record Q4 bookings suggest AI demand is accelerating.
⚠️ Key Risk
At 54x forward PE, most expensive stock in the financial file. Goldman Neutral $894 is the cautious voice. REIT model extremely rate-sensitive — "higher for longer" is the bear case. Development costs rising. Power constraints in key markets limiting new supply. Competition from hyperscaler self-builds. Stock surged 10% today — could give back gains.
By The Numbers
Event Impact
World's largest data center REIT. 260+ DCs across 72 metros. Interconnection is the moat — 470K+ cross-connects. AI workloads driving record leasing.
No defense or energy exposure.
No quantum relevance.
Global DC portfolio. Minor Asia exposure.
REIT — highly rate-sensitive. Higher rates increase development costs and reduce yield attractiveness. 2.2% dividend yield vs 4%+ bonds. At 54x PE, extreme rate sensitivity.
Massive global power consumer. Grid constraints in key markets (Northern Virginia, London, Singapore) directly limit expansion. Signed renewable energy PPAs.
No significant fiscal exposure.
Price Targets
Upcoming Catalysts
Competitive Landscape
Company Background
Founded 1998 during the dot-com era. Survived the bust and became the world's largest DC operator. The interconnection model — charging enterprises to plug into a network of networks — creates recurring revenue that competitors can't easily match.