Market Chatter: Megaport Price Target Gets Upgrade from Citi

MT Newswires Live

Jun 05

Megaport's (ASX:MP1) share price target was upgraded by Citi to AU$22.10 after securing artificial intelligence contracts that are expected to boost earnings "materially," the Australian Financial Review reported Friday.

Citi upgraded its fiscal year 2027 earnings before interest, taxes, depreciation, and amortization (EBITDA) expectations for the company to about AU$255 million.

Additionally, the financial services firm now forecasts fiscal year 2028 EBITDA to reach roughly AU$518 million.

Despite increased risk from a graphics processing unit pool investment with shorter contracts and longer lead times, the economics remained "attractive," with anticipated payback periods of less than 2.5 years, according to analyst Siraj Ahmed.

Megaport shares rose 10% in morning trade on Friday and earlier reached their highest since November 2021.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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