EQIX - Equinix: A Beaten Down Blue Chip Now In Bargain Territory

2024-06-16 07:00:00 ET

Summary

• The market environment is unique with tech stocks driving performance, leaving other sectors behind.
• Equinix, a data center REIT, is undervalued despite strong fundamental growth and dividend history.
• With a BBB-rated balance sheet, Equinix offers double-digit total return potential and an industry-leading quality score.

This is one of the most unique market environments that I've ever witnessed.

If you look at a market heat map on most days, you'll see a few big green blobs (represented by high-flying tech stocks) while the rest of the market bleeds red.

The S&P 500 is up by 13.92% on a year-to-date basis. That's great, right?

Sure, if you're content owning overweight stakes in the parts of the index that are working (namely, big-tech stocks and semiconductor names that are rallying on the back of AI momentum)....

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