Australia's Goodman Group jumps after MS raises target price

Goodman

06/05/2024 03:58

** Shares of Goodman Group  GMG.AX  were up as much as 4.1%
to A$33.955, eyeing best day since March 25, if gains hold
    ** Stock hits highest level since April 2
    ** Morgan Stanley says property developer Goodman Group will
play a key role in Australia's future data centre needs, based
on their proprietary data centre model predictions 
    ** Raises PT to A$35.30 from A$34.33       
    ** Predicts Australia will require an additional 1,500MW of
data centre capacity by 2030, vs c.1,000MW today, and sees GMG
as a "key enabler of this thematic", due to its 400MW secured
power bank in Australia 
    ** "We estimate that GMG could generate A$20 billion 
($13.24 billion) of valuation  uplift from its 3.6GW data centre
pipeline" - Morgan Stanley
    ** GMG up 29% YTD, as of last close

($1 = 1.5110 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))