Australia's Megaport gains as Citi raises PT on global sale of connectivity solutions

Megaport

23/04/2024 05:17

** Shares of Australian cloud network service provider
Megaport  MP1.AX  rise as much as 2.2% at A$14.43
    ** Analysts at Citi raise price target on Australia's
Megaport to A$16.80 from A$14.12 
    ** Brokerage forecasts 3Q24 annual recurring revenue of
A$200 million, up 20% year-on-year and up 5% on a
quarter-on-quarter basis
    **  Citi notes Megaport focusing on selling connectivity
solutions (e.g. WAN, Cloud connectivity) to larger enterprise
customers, combined with FX tailwind; maintains "Buy" rating
    ** Nine of 14 analysts rate the stock "buy" or higher and
five "hold"; their median PT is A$15.00 – LSEG data
    ** Stock up 56.2% this year, as of last close

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))