Stock Track | Megaport Soars 15.89% Intraday on Citi Target Price Upgrade and Successful A$518M Capital Raise

Stock Track

06/05

Megaport Ltd's stock surged 15.89% during intraday trading on Friday, following a series of positive corporate developments and analyst action.

The rally was fueled by Citi reiterating its "buy" rating on the Australian IT firm and significantly upgrading its price target to A$22.10. The brokerage cited material earnings changes, noting an "exceptional" contract win rate driven by the company leveraging its assets, including its recent acquisition of cloud platform Latitude.sh. Citi raised its FY27 EBITDA estimate by 73% to A$255 million, factoring in a large contract expected to ramp up.

Concurrently, the company successfully completed its institutional entitlement offer, raising A$518 million. The shares recommenced trading at the market open following the completion of this capital raising initiative.

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