Megaport's Shift to Higher-Value Products Is Encouraging -- Market Talk

Dow Jones04-30

0124 GMT - Megaport's shift toward higher-value products and partnership announcements is encouraging Macquarie analysts as they await improvement in several of the Australian communications-services provider's performance metrics. They stay bullish on the stock, pointing out in a note that the company should easily make its FY 2024 revenue guidance. Expected improvements including in new customer additions and total services have been pushed back, but Macquarie's analysts remind clients that Megaport's sales staff are incentivized on annualized recurring revenue, rather than volumes. The size of the revenue opportunity remains significant, they add. Macquarie raises the stock's target price 1.7% to A$18.30. Shares are down 4.2% at A$13.51. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 29, 2024 21:25 ET (01:25 GMT)

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