MP1 - Morgans rates the stock as Add
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Megaport has completed a $27.8m placement of new shares with Digital Realty taking a 4.9% stake. The company will end FY17 with around 165 data centres and has guided to 220 by end-FY18 and the broker believes Megaport now operates the biggest Digital connectivity platform in the world.
It now comes down to sales execution, the broker suggests. Growth has been underpinned by increased traffic with major cloud service providers such as Amazon, Microsoft and Google. Add retained, target rises to $2.88 from $2.76.
Sector: Software & Services.
Target price is $2.88.Current Price is $2.20. Difference: $0.68 - (brackets indicate current price is over target). If MP1 meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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