Australia's Macquarie Telecom Group jumps on upbeat first-half forecast; RBC hikes PT

Macquarie Technology

16/12/2021 04:36

** Shares of Macquarie Telecom Group Ltd  MAQ.AX  climb as
much as 7.8% to A$68.8, set for best session since July 15 
    ** Telecom operator said on Wednesday it expects HY22 EBITDA
between A$39 mln and A$40 mln ($27.88 mln-$28.59 mln)
 urn:newsml:reuters.com:*:nASX84zkWW
    ** Forecast better than brokerage RBC's expectation of A$37
mln
    ** Co sees strong demand for cyber security in its govt and
cloud services in HY22
    ** Brokerage RBC upgrades MAQ to "outperform" from "sector
perform", hikes PT to A$80 from A$75 
    ** RBC raises FY22 EBITDA outlook to A$87.4 mln from A$84.1
mln and FY22 revenue outlook to A$315 mln from A$309.5 mln
    ** Stock hits highest since Dec. 1 
    ** As of last close, stock up 21.9% this year

($1 = 1.3990 Australian dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))