S&P/ASX 200 Index (ASX: XJO) tech stock Megaport Ltd (ASX: MP1) has enjoyed a remarkable turnaround in 2025.

How remarkable?

Well, on 13 January, Megaport shares closed at a more than one-year low of $6.61.

Today, shares are in the green in intraday trade, changing hands for $9.25 apiece. Or up 39.9% in just one month.

That's obviously great news to longer-term shareholders, who watched the Megaport share price tumble more than 52% from mid-March's $15.40 a share through to the end of 2024.

Of course, the resurgent performance in 2025 won't be as welcomed by the cadre of short sellers betting against the ASX 200 tech stock, with Megaport frequently counting among the top 10 most shorted stocks on the ASX this year.

But with Megaport shares already having surged 40% in a month, has the ship already sailed on this investment opportunity?

Not according to Morgans' Damien Nguyen (courtesy of The Bull), who has a buy recommendation on Megaport stock.

Why the ASX 200 tech stock could keep marching higher

The first reason to buy this ASX 200 tech stock is the massive growth potential on offer from its NaaS provisions, which connect global companies to the world's biggest technology names.

Nguyen said:

Megaport provides network-as-a-service solutions, enabling businesses to connect seamlessly with cloud service providers, such as Amazon Web Services, Microsoft Azure and Google Cloud.

Google Cloud Platform is the domain of Alphabet Inc (NASDAQ: GOOG); Microsoft Azure is owned by Microsoft Corp (NASDAQ: MSFT); and Amazon Web Services is a division of Amazon.com Inc (NASDAQ: AMZN).

Like I said, some of the biggest names in global technology.

The second reason Megaport shares are a buy is its surging earnings and return to profit.

According to Nguyen:

The company generated a net profit of $9.6 million in full year 2024, up from a loss of $9.8 million in full year 2023. EBITDA [earnings before interest, taxes, depreciation and amortisation] of $57.1 million was up 127%. Revenue of $195.3 million was up 28%.

And the third reason the ASX 200 tech stock is one to buy now is its strong management. A trait that legendary investor Warren Buffett would approve of.

"The company is well managed, and the outlook is bright. Revenue guidance in fiscal year 2025 is conservative, in our view," Nguyen said. "We suggest investors consider adding Megaport to their portfolios at these levels."

Megaport's conservating revenue guidance Nguyen refers to for FY 2025 is for revenue to come in between $214 million to $222 million. Forecast EBITDA is expected to be in the range of $57 million to $65 million.