Equinix, Inc. (EQIX), headquartered in Redwood City, California, operates as a real estate investment trust. With a market cap of $77.4 billion, the company invests in interconnected data centers. Equinix focuses on developing a network and cloud-neutral data center platform for cloud and information technology, enterprises, network, and mobile services providers, as well as for financial companies.

Shares of this world's digital infrastructure company have underperformed the broader market over the past year. EQIX has declined 3.4% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 15.2%. In 2025, EQIX stock is down 16.2%, compared to the SPX’s 10.2% rise on a YTD basis.

Narrowing the focus, EQIX’s underperformance is also apparent compared to the Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF (SRVR). The exchange-traded fund has gained about 3.5% over the past year. Moreover, the ETF’s 4.7% gains on a YTD basis outshine the stock’s double-digit losses over the same time frame.

On Jul. 30, EQIX shares closed down by 1.7% after reporting its Q2 results. Its FFO per share of $9.91 surpassed Wall Street expectations of $9.19. The company’s revenue was $2.3 billion, meeting Wall Street forecasts. EQIX expects full-year FFO in the range of $37.67 to $38.48 per share, and expects revenue in the range of $9.2 billion to $9.3 billion.

For the current fiscal year, ending in December, analysts expect EQIX’s FFO per share to decline 3.3% to $33.88 on a diluted basis. The company’s FFO surprise history is impressive. It beat the consensus estimate in each of the last four quarters. 

Among the 30 analysts covering EQIX stock, the consensus is a “Strong Buy.” That’s based on 21 “Strong Buy” ratings, two “Moderate Buys,” and seven “Holds.”

This configuration is less bullish than a month ago, with 22 analysts suggesting a “Strong Buy.”

On Aug. 20, Vikram Malhotra from Mizuho Financial Group, Inc. (MFG) maintained a “Hold” rating on EQIX with a price target of $804, implying a potential upside of 1.7% from current levels.

The mean price target of $962.08 represents a 21.7% premium to EQIX’s current price levels. The Street-high price target of $1,218 suggests an ambitious upside potential of 54.1%.