Shares of GDS Holdings Ltd (NASDAQ: GDS) surged over 5% on Monday, propelled by a significant price target upgrade from RBC Capital. The Canadian investment bank raised its target price on GDS from $14 to $26, citing the firm's positive outlook on the data center operator's prospects.
In a research report, RBC Capital analyst Jonathan Atkin maintained an Outperform rating on GDS Holdings, underscoring his bullish stance on the company. Atkin's price target revision represents a substantial upside of nearly 87% from GDS's previous closing price.
While RBC did not provide detailed reasoning for the target hike, the firm's move reflects growing confidence in GDS's ability to capitalize on the burgeoning demand for data center services in China and other key markets. As a leading developer and operator of high-performance data centers, GDS is well-positioned to benefit from the rapid digital transformation and cloud adoption across various industries.
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