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IRS development a positive for Equinix, says Wells Fargo

Wells Fargo views this morning's news that the IRS is actively resuming work on Equinix's PLR request as a positive. Wells points out that the PLR review process has been delayed since early June when the IRS formed a working group to review all incoming REIT conversion requests. The firm continues to believe Equinix remains on-track for a January 2015 conversion and keeps an Outperform rating on the stock.