Equinix, Inc. (EQIX), headquartered in Redwood City, California, is a global digital infrastructure company that operates as a Real Estate Investment Trust (REIT). With a market capitalization of around $78.4 billion, Equinix owns and manages a large network of carrier-neutral data centers and interconnection services across multiple continents, enabling enterprises, cloud providers, and network operators to scale their digital infrastructure with high resilience and connectivity.

The company is expected to announce its fiscal third-quarter earnings for 2025 after the market closes on Wednesday, Oct. 29.

Ahead of the event, analysts expect Equinix to report an FFO of $8.20 per share on a diluted basis, down 9.4% from $9.05 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports.

For the full year, analysts expect EQIX to report FFO of $33.88 per share, down 3.3% from $35.02 per share in fiscal 2024. However, its FFO is expected to rise 4.8% year over year (YoY) to $35.50 in fiscal 2026.

EQIX stock has underperformed the S&P 500 Index’s ($SPX) 13.4% gains over the past 52 weeks, with shares down 8% during this period. Similarly, it underperformed the Real Estate Select Sector SPDR Fund’s (XLRE) 5.4% decline over the same time frame.

Equinix’s shares have seen a weak performance amid a cautious growth outlook and announced plans for substantial long-term investments to expand its data center capacity for AI demand. While these efforts aim to strengthen its position in the future, investors were disappointed by the slower near-term growth expectations and rising spending, which weighed on sentiment.

Analysts’ consensus opinion on EQIX stock is bullish, with an overall “Strong Buy” rating. Out of 30 analysts covering the stock, 21 advise a “Strong Buy” rating, two suggest a “Moderate Buy,” and seven give a “Hold.” EQIX’s average analyst price target is $962.85, indicating a potential upside of 20.3% from the current levels.