0245 GMT - Megaport's recent step-up in hiring indicates to its bull at Citi that the Australian tech-services provider is on course to achieve its annual guidance. Analyst Siraj Ahmed reiterates his buy rating on the stock, telling clients in a note that Megaport's headcount is up by 20% on year. He reckons that this is a sign that revenue momentum is tracking at least in line with fiscal 2025 guidance. He also thinks there is an additional tailwind from currency movements, and sees potential for Megaport to beat fiscal 2026 expectations due to growth in data centers and new products. Citi cuts its target price 44% to A$9.00. Shares are up 3.6% at A$7.79. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 19, 2025 21:45 ET (02:45 GMT)
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