1844 ET - Australian data-center operator NextDC's A$550 million capital raise looks designed to take advantage of recent share-price gains, Jefferies analyst Roger Samuel writes in a note. Pointing out that NextDC raised A$1.32 billion as recently as April, Samuel sees the recent boost from Blackstone's A$24 billion acquisition of local rival AirTrunk, and NextDC's inclusion in real-estate industry body Nareit's latest quarterly review, as the reason for the timing of the raise. He thinks that real-estate investors could come on board with the latest raise, which will fund further expansion in Asia. Jefferies has a buy rating and A$20.03 target price on the stock, which is at A$17.84 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
September 10, 2024 18:44 ET (22:44 GMT)
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