Citi spots upswing in Australia's Goodman Group's global data centre expansion

Goodman

02/01/2025 21:21

** Citi says Real estate group Goodman  GMG.AX  is building
technical teams worldwide, hinting at an uptick in data centre
development
    ** Brokerage maintains "buy" rating at a price target of
A$40/share
    ** Notes GMG's recent job postings for data centres in
Melbourne, Dusseldorf, France, others, with live roles also in
the Netherlands, Luxembourg, and Milan, indicating a global
expansion
    ** Sees co's ongoing 400MW development to see significant
kick-offs in 2025 across Europe, Japan, Hong Kong, and
Australia, with detailed updates and positive outcomes expected
at 1HY results
    ** 7 of 10 analysts rate the stock "buy" or higher with 3 as
"hold" or lower; their median PT is A$37.85 – LSEG data
    ** Stock last year gained ~41%

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))