Guggenheim analyst Robert Gutman raised his price target on Equinix shares to $540 from $505 after the company launched its xScale joint venture, which will sell to hyperscale customers in Europe, and received an investment grade rating from Fitch that elevates it to full investment grade status. Though he sees limited near-term earnings contribution from both developments, Gutman called both significant steps forward in the company's longer-term strategic plan, stating that the first opens up a large, underserved addressable market in the Europe and the second ensures available liquidity at a better cost. He keeps a Buy rating on Equinix shares.