Australia's WiseTech, FINEOS, NEXTDC to benefit most from cloud shift - Citi

Livetiles

26/07/2021 06:27

** Citi sees ASX-listed WiseTech Global  WTC.AX , FINEOS
 FCL.AX  and NEXTDC  NXT.AX  as most exposed to pandemic-led
shift to digital transformation and cloud adoption by businesses
    ** Its survey showed IT budgets for those segments are being
increased, particularly in the United States
    ** FCL makes ~70% of its rev from the United States; Citi
raises PT to A$4.70 from A$4.60
    ** Brokerage says WTC to deliver high rev growth in FY21,
but market expectations are too high; trims PT to A$30.50 from
A$30.90
    ** Digital workplace platform maker LiveTiles  LVT.AX  could
benefit from increased investment in collaboration software -
Citi 
    ** Need to see more signs of improving demand and execution
before getting more positive on LVT, slashes PT by 32% to A$0.19
    ** LVT's forecast downgrades and dilution from equity raise
reflected in the PT change, brokerage adds
    ** Expect Xero Ltd  XRO.AX  to benefit from a shift towards
cloud accounting software

 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))