Scotiabank downgrades Equinix on valuation after rally

Scotiabank downgraded Equinix (EQIX) to Sector Perform from Outperform with a price target of $1,050, up from $997. The firm cites valuation for the downgrade following the recent rally. While the shares should be helped by “strong ” industry fundamentals,” Equinix’s valuation leaves “diminished upside” potential in the near term without a meaningful guidance uplift at earnings, the analyst tells investors in a research note.