Wells Fargo analyst Jennifer Fritzsche raised her price target for Equinix to $620 from $545 and maintained an Outperform rating on the shares following the company's "fairly in line" quarter. In a research note to investors, Fritzsche notes that Equinix saw particular strength in smaller-footprint metro-market bookings, which drove one of the strongest interconnect quarters in its history. Although she acknowledges that upside potential is likely more limited due to the company's significant outperformance year-to-date, the analyst says this most recent print shows the depth of its business and further evidence of the "moat" around its model.