Equinix falls on weak revenue growth forecast

Equinix EQIX.O shares fall 9.4% to $746.6

Co forecasts revenue growth below expectations and projects heavy investments to cater to AI demand in the long term

Peers Iron Mountain IRM.N down 5%, Digital Realty DLR.N off 3.7%, Core Scientific CORZ.O dips 2%

Company now sees annual profit rising 5–9% through 2029, down from 7–10%

Morningstar and TD Cowen cite pressure from higher capital spending and interest costs

TD Cowen cuts PT to $974 from $1,018; Morningstar lowers PT to $840 from $860

Moffett Nathanson lowers its PT to $960 from $980, citing heavy spending that will hurt short-term profits even though it may pay off later

Equinix plans to spend $4 bln to $5 bln a year to double data center capacity by 2029

22 of 27 brokerages rate the stock "buy" or higher; 5 "hold"; median PT is $988

Up to Wednesday's close, stock down ~12.7% YTD