Wells Fargo analyst Jennifer Fritzsche raised her price target for Equinix to $500 from $475 on increased conviction on its interconnect strength. The analyst believes Equinix has more tailwinds versus headwinds, including a new addressable market of lower bandwidth use cases on its ECX Fabric, the migration from virtual to physical cross-connects as bandwidth needs scale, an emergence of SD-WAN providers, and pricing power in certain markets. These tailwinds should offset any headwinds and enable the company to continue growing interconnection revenues in the low-to-mid teens range. Fritzsche reiterates an Outperform rating on the shares.