Stock Track | Megaport Soars 5.33% Intraday After Unit Lands Major Contracts, Analysts Raise Targets
Stock Track
May 15
MEGAPORT LTD's stock soared 5.33% during intraday trading on Friday, following positive analyst commentary and significant contract wins for a recently acquired business unit.
The stock's rise comes after the company's unit, Latitude, secured three large contracts worth approximately A$250 million. Analysts at Morningstar and Jefferies expressed optimism, citing the contract wins as validation of Megaport's acquisition of Latitude.Sh in November for $150 million. Morningstar raised its fair value estimate for the company by 7% to A$15, while Jefferies increased its price target to A$18.40 from A$16.30 and maintained a "buy" rating.
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