Why Equinix Stock Surged Almost 25% in November
Shares of Equinix (NASDAQ: EQIX) leaped 24.6% in November, according to data provided by S&P Global Market Intelligence. Powering the data center REIT's surge was its third-quarter results, which led several analysts to boost their price targets on the stock.
Equinix reported strong third-quarter results in early November. The REIT's quarterly revenues rose 10% to $1.8 billion. That marked its 79th consecutive quarter of revenue growth, which Equinix claims is the longest streak for any company in the S&P 500. It also delivered its sixth consecutive quarter of record channel bookings. Those numbers showcase that demand for data center solutions remains robust.
The company also boosted its outlook for the year despite an increasingly challenging macroeconomic environment. It sees its adjusted FFO coming in $52 million ahead of its prior forecast, partially offset by an additional $17 million impact for foreign exchange. That would see the REIT grow its adjusted FFO by about 10% this year, or 8% per share.
Source Fool.com
