BUZZ-Australia's Megaport gains as Citi raises PT on global sale of connectivity solutions

Reuters04-23

** Shares of Australian cloud network service provider Megaport rise as much as 2.2% at A$14.43

** Analysts at Citi raise price target on Australia's Megaport to A$16.80 from A$14.12

** Brokerage forecasts 3Q24 annual recurring revenue of A$200 million, up 20% year-on-year and up 5% on a quarter-on-quarter basis

** Citi notes Megaport focusing on selling connectivity solutions (e.g. WAN, Cloud connectivity) to larger enterprise customers, combined with FX tailwind; maintains "Buy" rating

** Nine of 14 analysts rate the stock "buy" or higher and five "hold"; their median PT is A$15.00 – LSEG data

** Stock up 56.2% this year, as of last close

(Reporting by Megha Rani in Bengaluru)

((Megha.Rani2@thomsonreuters.com;))

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