** Jefferies says Australian data centre landlord Goodman Group's GMG.AX joint venture with Canada Pension Plan Investment Board to build data centers across Europe 'de-risks' FY26-28 earnings

** Brokerage expects development margins of about 60% across the four data centre projects in Paris, Frankfurt, and Amsterdam

** In addition to the A$14 billion ($9.37 billion) partnership, co has secured planning approval for new 88MW data centre in Sydney

** Brokerage sees a potential data centre partnership in North America in FY27, along with other catalysts

** Twelve of 13 analysts rate the stock "buy" or higher, and one "hold", with a median price target of A$38.03, according to LSEG data

** Stock is down 11.3% YTD, as of late close

($1 = 1.4941 Australian dollars)

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com;))