0515 GMT - NextDC's bull at Citi expects the Australian data-center operator to tap investors for A$650 million in equity in 2H of fiscal 2026, although an earlier raise is possible. Analyst Siraj Ahmed tells clients in a note that he could see the company's next raise occurring earlier than expected if it accelerates development of its expansion into Asia. He points out that NextDC's recent A$675 million raise, which removed near-term balance-sheet concerns, was a surprise. Citi raises its target price on the stock by 3.9% to A$20.00, reflecting upgrades to long-term earnings forecasts from another center in Sydney. It retains a buy rating. Shares closed up 2.5% at A$17.65.(stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 21, 2024 01:15 ET (05:15 GMT)
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