Australia's NEXTDC gains as Citi sees little impact from Victoria data centre rules
BUZZ-Australia's NEXTDC gains as Citi sees little impact from Victoria data centre rules ** Shares of Australia's NEXTDC Ltd NXT.AX rise as much as 5% to A$11.53, their biggest intraday pct gain since August 28
** Stock hits highest level since September 15
** Citi says Victoria's new rules unlikely to have an impact on co's current pipeline, bets on data centre landlord's developments
** On Tuesday, the Victorian government announced the prohibition of construction of data centers in residential zones
** Brokerage says co's new plan for a data centre campus, which was under threat, is unlikely to face issues since it's 150 meters away from residential areas, the newly mandated buffer
** Flags power generation snags for co, but says NXT has strong network coverage and data centre pipeline
** 13 analysts rate the stock "buy" or higher; their median PT is A$19.4, LSEG-compiled data shows
** YTD, stock down nearly 8%
(Reporting by Aamir Sheik Khalid in Bengaluru)
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