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BUZZ-Australia's Megaport advances as Macquarie ups PT on upbeat outlook

Reuters
10/30
BUZZ-Australia's Megaport advances as <a href="https://laohu8.com/S/MQG.AU">Macquarie</a> ups PT on upbeat outlook

** Shares of Megaport MP1.AX rise as much as 5.8% to A$16.635, their highest level since September 25

** Stock logs the largest intraday pct gain since September 23; defying a 1.4% fall on the broader tech sub-index .AXIJ

** Macquarie raises target price for the Network-as-a-Service provider to A$18.5 from A$16.9, retains "outperform" tag

** Brokerage says the company's market growth is accelerating, with enterprises rearchitecting their networks as AI drives up cloud costs

** Adds ban of HK Telecom in the U.S. provides a favourable shift in the company's competitive position

** Stock up 120.4% YTD, including the day's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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