Megaport Should Show KPI Progress Over Near Term -- Market Talk

Dow Jones04-30

2322 GMT - Megaport's management has reacted to disappointing 3Q key performance indicators and improvement is now likely in the subsequent two quarters, Jefferies analyst Roger Samuel writes in a note. He doesn't seem worried by the Australian tech provider's disappointing 3Q growth in ports and new customer logos, telling clients that the company's new sales team need more time to ramp up delivery. Megaport now has eight sales staff in North America, he notes. He adds that management's focus on higher-value contracts should lift annualized recurring revenue growth, which has slowed to 4% on-year. Jefferies has a buy rating and A$16.52 target price on the stock, which is at A$14.10 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 29, 2024 19:22 ET (23:22 GMT)

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He adds that management's focus on higher-value contracts should lift annualized recurring revenue growth, which has slowed to 4% on-year. Jefferies has a buy rating and A$16.52 target price on the stock, which is at A$14.10 ahead of the open. 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He adds that management's focus on higher-value contracts should lift annualized recurring revenue growth, which has slowed to 4% on-year. Jefferies has a buy rating and A$16.52 target price on the stock, which is at A$14.10 ahead of the open. 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