2318 GMT [Dow Jones]--NextDC's bull at UBS urges investors to keep their eyes on the big picture, rather than the data-center operator's near-term earnings outlook. With an unchanged buy rating, analyst Tim Plumbe acknowledges that delays to NextDC's M3 Melbourne center have increased risks, but tells clients in a note that any negatives are materially outweighed. Plumbe says capacity supply remains scarce, limiting the risk that NextDC loses customers. He reckons the Australian company has plenty of debt headroom and that management's suggestion that it could sell land banks is largely to reassure investors. UBS lowers its target price 21% to 18.50 Australian dollars. Shares are down 8% at A$5.29.
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