NXT is Australia’s leading data centre provider, the Brisbane-based company recently raised money at $10.80 to build 2 new data centres in Malaysia and NZ expanding its footprint outs of Australia. The market’s appetite for the stock below $12 illustrated investors’ appetite into dips and while we like their clear runway for further growth were reticent to chase the stock at current levels after the strong rally by global tech and NXT through 2023.
- We can see NXT testing $14 in 2023 but the risk/reward isn’t exciting at current levels.
MM is neutral to mildly bullish on NXT around $12.30
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