Megaport Ltd (MP1) finally rallied yesterday following a positive report from Goldman Sachs with a price target of $15. Following the company’s 2nd quarter report the stocks had a tough few sessions following weak customer growth but GS believes investors should be focusing more on the increasing number of services and average revenue per customer both of which are increasing. MP1 has a strong balance sheet and is well positioned to grow revenue in the years ahead making this cloud business “feel” ok at current levels, but MM will still reconsider our holding ~20% higher.
MM remains long and cautiously bullish MP1.
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