This software-based elastic connectivity provider is at the pointy, high-beta end of the market, regularly doubling and halving. However, MP1 raised its full-year revenue forecast in February, and we regard the recent ~30% pullback as primarily due to uncertainty surrounding tariffs, although the business generates over 50% of its revenue from the US. We like their numbers moving forward, with the standouts being annual recurring revenue growth of +14% and a stable gross margin of 70%. This remains a high-valuation growth story, but if US tech names are near a low, we believe MP1 is a great local way to play a recovery in the sector.
- We like MP1 under $9, but this is not a stock for the faint-hearted.
MM is bullish towards MP1
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