Equinix's record third-quarter bookings and stronger-than-expected operating performance reinforced Mizuho Securities' bullish outlook on the data centre operator, with the brokerage reiterating its top stock pick as demand for AI infrastructure continues to outpace available capacity. Mizuho maintained its Outperform rating and $1,275 price target, implying more than 25% upside from the $1,007.66 share price cited in its October 29 report. The strongest signal came from annualised bookings, which crossed the $500 million mark for the first time, reaching $533 million, up 35% year over year; including smaller pre-sales, bookings totalled $562 million, comfortably exceeding Mizuho's $480 million estimate, which the brokerage attributed to tight data centre capacity and limited available supply. A new joint venture with atNorth adds an 800-megawatt development pipeline over the next five years, with an option for another 1 gigawatt of future expansion, building on Equinix's existing 3-gigawatt developable capacity pipeline, around 80% of which is concentrated in its top 25 metropolitan markets. Equinix maintained its long-term AFFO growth target of 9% to 12% annually between 2027 and 2029, though Mizuho believes stronger bookings and capacity constraints could make that forecast conservative, and the brokerage also expects EBITDA margins to exceed 53% by 2029, compared with management's near-term