Equinix assumed with Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Michael Ng downgraded Equinix (EQIX) to Neutral from Buy with a price target of $795, down from $910, after assuming coverage of the name. The company should deliver accelerating funds from operations growth, but its near-term growth is “relatively modest” and the shares do not have a clear catalyst for a multiple re-rating, the analyst tells investors in a research note. Goldman believes the near- to mid-term artificial intelligence infrastructure investments will be largely focused on model training, which will more likely be supported by large-scale wholesale colocation operators.