Canaccord lifts PT on Megaport reflecting strong management confidence

Megaport

22/08/2023 22:02

** Analysts at Canaccord Genuity raise price target on
Australia's Megaport  MP1.AX  to A$13.40 from A$11.80
    ** Says management has instilled confidence in the tech firm
reflecting EBITDA estimate upgrades and a reduced cost base
    ** Megaport said on Tuesday it expects FY24 EBITDA growth of
around 152% to 182% year-on-year
    ** Brokerage says co is employing a new
Software-as-a-Service business model, consistent with the fact
that Megaport should be regarded as a software business
    ** For FY25, we increase both revenue and EBITDA estimates
modestly - Canccord
    ** Stock has risen 92.6% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))