Stock Track | Megaport Ltd. Plummets 5.57% Intraday After Citi Cuts Price Target on Earnings Downgrade Concerns
Stock Track
Mar 02
Megaport Ltd. (MP1.AU) shares plummeted 5.57% during intraday trading on Monday.
The decline followed a report that Citi trimmed its price target on the stock by 7% to A$14.65, citing lower peer multiples and earnings downgrades. The bank also lowered its revenue forecast for Megaport's recent acquisition, Latitude, for the second half of FY26 and calendar year 2026, noting it falls below the mid-point of the company's forecast and earn-out target estimate.
Citi reiterated its "buy" rating but stated that a strong first-half result was overshadowed by concerns around FY27 margin estimates, foreign exchange headwinds, and the weak update regarding the Latitude business.
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