Investors should expect data center stock Equinix to build on its already solid gain for this year, according to Bank of America. The bank reiterated a buy rating on shares of Equinix and raised its price target on them to $850 from $750. The firm’s forecast implies roughly 14% upside from Thursday’s $746.99 closing price. While the company largely focuses on network communications, analyst David Barden said higher expectations for revenue after Equinix’s investor day don’t fully encapsulate the artificial intelligence opportunity. The company held its investor day Wednesday, and BofA highlighted Equinix’s commentary on growing its cloud segment as well as strong positioning to handle the supply and demand picture. EQIX YTD mountain Equinix shares year to date “EQIX remains our top data center pick as a function of its strong balance sheet, demonstrable pricing power, and position as a call option on the emerging incremental AI demand opportunity,” Barden said. He highlighted a conversation with CEO Charles Meyers in which the company chief pointed to “industry reports projecting an ‘AI Infra’ total addressable market (TAM) of $60bn by 2027 as well as a $21bn AI serviceable addressable market (SAM) for EQIX.” Barden added that while the AI opportunity has yet to be fully realized, the prospect for a deeper investment in the space could “create business tailwinds at a later date.” “We also appreciate this trend will take time to play out in terms of a material financial impact,” he added. Equinix shares are up 14% this year. Over the past month, the stock is also up 7.2% — outpacing the S & P 500 in that time. — CNBC’s Michael Bloom contributed to this report.